LOCAL PETROL STILL CHEAPER THAN IMPORTS

Locally refined petrol remains cheaper than imported fuel in Nigeria, with products from the Dangote Petroleum Refinery maintaining a price advantage of about N46 per litre, according to industry data.

The latest bulletin from the Major Energies Marketers Association of Nigeria showed that Dangote’s gantry price stood at N1,265 per litre, while the spot import-parity price was N1,310.64 per litre under the ASPM benchmark. This means imported petrol was N45.64 more expensive per litre.

Under another benchmark, the import-parity price stood at N1,309.63 per litre, still about N44.63 above the locally refined product.

The figures come shortly after Dangote Refinery increased its gantry price from N1,165 to N1,265 per litre. Despite the N100 increase, its petrol remained cheaper than the prevailing cost of imported fuel.

The price difference has renewed calls for the Federal Government to review petrol import licences. The Independent Petroleum Marketers Association of Nigeria argued that continued imports were putting pressure on the naira while offering little price advantage to consumers.

The development also strengthens the case for greater reliance on domestic refining as Nigeria seeks to reduce its dependence on imported petroleum products and conserve foreign exchange.