The cost of landing premium motor spirit (PMS) in Nigeria has dropped to N774.82 per litre, falling below the ex-depot price of N825 per litre set by Dangote Refinery, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).
The latest MEMAN report shows that the estimated import parity into tanks has declined by N152.56 or 16.5%, from the N927.48 per litre recorded on February 21, 2025.
This development coincides with a continued drop in global crude oil prices, with Brent Crude trading at $70 and US WTI at $66.70 as of Wednesday, March 12, 2025—down from around $76 and $69 in February.
As a result, fuel prices in Nigeria may decrease further, potentially reaching around N800 per litre, down from the current retail prices of N860 and N880 per litre in Lagos and Abuja.
Earlier in March, both the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery adjusted their fuel prices to N860 and N880 per litre in response to market trends.
Speaking on the situation, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, predicted that further reductions in crude oil prices could push petrol prices down to N800 per litre.
“Crude oil is a major component in fuel production, so a further reduction in its price would definitely lead to a drop in petrol prices. It is possible that it may fall to N800 per litre,” he said.
With the ongoing volatility in the global oil market, Nigerians may soon see some relief at the pump.
