Fuel prices in Lagos surged over the weekend, with petrol now selling between N925 and N935 per litre at various filling stations. This increase follows a rise in landing costs, the halt of Dangote Refinery’s naira sales, and delays in finalizing the naira-for-crude policy.
Several major fuel marketers adjusted their prices in response to these developments. TotalEnergies stations sold petrol at N935 per litre, while MRS outlets pegged their prices at N925 per litre.
The landing cost of petrol—the total cost of importing fuel into Nigeria—rose to N843.28 per litre last Monday, up from N797 per litre two weeks earlier. This represents an increase of N46 per litre, a key factor driving up pump prices.
According to the Major Energy Marketers Association of Nigeria (MEMAN), the increase in landing costs is linked to international fuel price fluctuations. These changes result from the transition from winter to summer-grade petrol in Europe, which typically commands a premium.
Additionally, fuel supply constraints have worsened due to:
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Lower stock levels at the Amsterdam-Rotterdam-Antwerp (ARA) oil hub, which is at a 12-week low.
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Refinery maintenance across Europe.
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A fire at Italy’s Falconara refinery, further restricting supply.
Despite relative stability in foreign exchange rates, MEMAN warned that landing costs will likely fluctuate multiple times per day, influenced by international market conditions.
MEMAN advised that fuel importers could minimize costs through negotiations, access to foreign exchange, and improved logistics efficiencies
