Petrol landing cost rises again, marketers release new prices

• Nigeria’s spot petrol landing cost rose to N1,348.19 per litre at the ASPM jetty in Apapa, above the 30-day average of N1,329.82
• MEMAN data showed that the seven-day average import parity price stood at N1,300.94 per litre, while Dangote Refinery’s gantry price
• Renewed military strikes have heightened concerns about global oil supply, although the increase in landing costs

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria’s petrol landing cost has risen to N1,348.19 per litre amid renewed concerns about global oil supply disruptions and international petroleum prices.

The latest data from the Major Energies Marketers Association of Nigeria (MEMAN), dated Monday, October 12, 2026, showed that the spot estimated import parity price at the ASPM jetty in Apapa increased above its 30-day average of N1,329.82 per litre.

At the NPSC-NOJ jetty, the spot landing cost stood at N1,347.10 per litre, also above the monthly average.

The increase comes as renewed military strikes heighten geopolitical uncertainty and concerns about potential disruptions to crude oil supplies.

Petroluemprice.ng reports that changes in international crude prices, shipping costs, insurance premiums and foreign exchange rates can affect the cost of importing refined petroleum products into Nigeria.

Petrol import costs exceed recent averages

MEMAN’s October 12 Energy Bulletin showed that the seven-day average estimated import parity price for petrol stood at N1,300.94 per litre.

The latest spot price at the ASPM jetty was therefore N47.25 higher than the seven-day average and N18.37 above the 30-day average.

Import parity pricing estimates the cost of bringing petroleum products into Nigeria based on international product prices, exchange rates, freight and other import-related expenses.

The figures provide a benchmark for import replacement costs but do not represent the actual prices motorists pay at filling stations.

Depots price

Meanwhile, the latest MEMAN data listed Dangote Refinery’s petrol price at N1,305 per litre for coastal sales and N1,325 per litre at the gantry.

MEMAN’s data also showed that petrol ex-depot prices in Lagos ranged from N1,327 to N1,350 per litre on October 12.

In Calabar, prices ranged from N1,348 to N1,370 per litre, while marketers in Port Harcourt offered petrol at between N1,345 and N1,355 per litre.

Global oil prices and exchange rates remain key factors

The Energy Bulletin listed Brent crude’s seven-day average at $102.71 per barrel, while West Texas Intermediate (WTI) averaged $90.76 per barrel. Bonny Light, Nigeria’s flagship crude grade, was listed at $131.30 per barrel.

The report also put the seven-day average exchange rate at N1,331.40 per dollar, highlighting the importance of currency movements to the cost of imported petroleum products.

However, the rise in petrol landing costs does not automatically translate into an immediate increase in pump prices.

NNPC reduces petrol prices

Earlier, Legit.ng reported that the NNPCL has cut petrol prices at its Abuja filling stations to N1,370 per litre, reversing a weekend increase that had pushed the price to N1,405 per litre.

A market survey conducted on Monday, October 12, showed that NNPCL outlets in Berger, Wuse Zone 6 and Wuse Zone 4 had adjusted prices downwards by N35 per litre.

In Lagos, the state-owned company's stations were selling petrol at N1,360 per litre, N10 below the Abuja price.