Pump prices for gasoline marketers in Lagos have increased to between N925 and N935 per liter, citing rising landing costs, supply restrictions and currency-related policy delays. The price increase comes after the Dangote refinery’s decision to stop selling gasoline in Naira and negotiate on Naira-sniffy policies.
Last Monday, the landing cost of gasoline jumped from N797 per liter to N843.28 per liter, recording N46 n46 per liter two weeks ago. Total filling stations (such as TotalEnergies and MRS) adjust their pump prices to N935 and N925 per liter, respectively.
According to the latest announcement from the Association of Major Energy Marketers in Nigeria (MEMAN), the increase is driven by rising international oil prices. Europe’s transition from winter to summer gasoline has led to higher costs, as arbitrage flows into Europe remain unprofitable, and supply restrictions have intensified. Shares in the key global oil and biofuel trading center, Amsterdam-Rotterdam-Antwop (ARA) center have fallen to 12-week lows.
Meman further stressed that seasonal refinery maintenance in Europe and the recent fires at the Falconara refinery in Italy have restricted supply, thus increasing market volatility. Despite the relatively stable foreign exchange rate, landing costs remain highly sensitive to a variety of factors and fluctuate multiple times within a day.
The country reported that the association recommended savings by improving logistics and access to foreign exchange. It advises marketers to avoid ship transfers where possible and choose larger cargo delivery to reduce costs.
The landing cost of gasoline entering the APAPA/ASPM terminal is calculated based on several factors, including exchange rate, 32% financing costs per year for 30 days, as well as regulatory costs of the Nigerian Maritime Management and Security Agency (NIMASA) and the Nigerian medium-term and downstream Petroleum petroleum petroleum petroleum petroleum petroleum petroleum petroleum petroleum petroleum petroleum petroleum concultoration (nmdpra). Other expenses such as berths, moorings, freight fees, contingency fees and VAT also contribute to the final price of the pump.
As gasoline prices continue to rise, consumers and businesses are preparing for the wider impact of cost growth in Nigeria’s energy market on economic growth.
