The cost of importing Premium Motor Spirit (petrol) into Nigeria has risen above the ex-depot price offered by the Dangote Petroleum Refinery, strengthening calls by petroleum marketers for the country to end fuel imports and rely more on local refining.

According to the latest Energy Bulletin published by the Major Energies Marketers Association of Nigeria, the spot landed cost of imported petrol increased to N1,223.32 per litre as of July 29.

This exceeds Dangote Refinery’s gantry price of N1,215 per litre, making imported petrol more expensive for marketers than fuel supplied by the 650,000-barrels-per-day refinery located in Lekki.

The MEMAN bulletin further revealed that Brent crude averaged $90 per barrel during the review period, reflecting sustained strength in global oil prices and contributing to the higher cost of imported petrol.

The development comes just days after the Independent Petroleum Marketers Association of Nigeria renewed its call for an end to petrol importation, insisting that Nigeria’s domestic refining capacity is now sufficient to meet the country’s fuel needs.

The latest pricing data appears to reinforce the marketers’ position, with the landed cost of imported petrol now higher than the Dangote Petroleum Refinery’s gantry price.

According to the MEMAN bulletin, Dangote’s coastal price for Premium Motor Spirit stood at N1,195 per litre, while its gantry price was N1,215 per litre, inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The report also indicated that the naira averaged N1,367.03 to the dollar during the review period, while elevated international crude oil prices continued to drive up the cost of imported fuel.

The increase in global crude oil prices also drove up the cost of refined petroleum products in the international market. During the review period, diesel traded on the Intercontinental Exchange in Europe at an average price of $1,246.54 per metric tonne.

The bulletin also showed that the spot landed cost of diesel rose to N1,739.96 per litre, up from a 30-day average of N1,427.00 per litre. Aviation fuel also increased to N1,616.43 per litre, compared with a 30-day average of N1,421.10 per litre.

The pricing trend indicates that locally refined petrol currently provides marketers with a more cost-effective alternative to imports.