Report says Average cost of imported premium motor spirit (petrol) has decreased to N829.77 per litre, lower than the ex-depot price of locally produced fuel, prompting discussions on Nigeria’s fuel pricing.
Despite this drop, local refineries like Dangote’s remain more expensive at N877 per litre. Prior this development, Nigerian government, led by President Bola Tinubu, approved a 15% import tariff on petrol and diesel to promote local refining and reduce dependence on imports, aiming to boost energy self-sufficiency. The policy, effective after a 30-day transition ending in November 2025, seeks to make imported fuel less competitive and favor domestic refineries.
While the move is praised for encouraging local investment, concerns about potential fuel shortages and market monopolies remain. Meanwhile, the Nigerian National Petroleum Company Limited has reduced pump prices at its stations to N945 per litre, though prices vary across outlets.
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