Fresh Fuel Price Crash Looms As Imported Petrol Drops To N1,164/Litre

According to a report by The Punch on Tuesday, November 10, 2026, the cost of importing petrol into Nigeria has declined to ₦1,164.06 per litre, raising fresh expectations that pump prices could fall in the coming days as global crude oil prices continue to weaken.

The latest figures, released by the Major Energies Marketers Association of Nigeria (MEMAN), showed that petrol import parity dropped from ₦1,189.86 per litre on November 4 to ₦1,164.06 per litre on November 5.

This represents a reduction of ₦25.80 per litre, equivalent to a 2.17 per cent decline within 24 hours.

The development is significant for Nigeria’s downstream petroleum market, where the prices of locally refined and imported petroleum products remain a major subject of public interest amid concerns over the high cost of transportation and living expenses.

According to MEMAN’s energy price bulletin, the latest import parity figure is also lower than the current gantry price of petrol at the Dangote Refinery, which stands at ₦1,215 per litre.

The difference has further highlighted the changing dynamics of competition between domestic refiners and fuel importers, particularly as international oil prices experience a downward movement.

DAILY POST reports that the decline in petrol import costs coincides with falling prices in the international crude oil market.

Brent crude dropped by 2.31 per cent to $90.43 per barrel, while West Texas Intermediate (WTI) declined by 1.93 per cent to $85.17 per barrel.

The reduction in global oil prices has been linked to easing tensions following the de-escalation of the Iran war, which had previously heightened concerns about possible disruptions to international oil supplies.

Further declines in crude oil prices could create room for adjustments in domestic petrol prices, depending on exchange rates, logistics expenses, refining costs and other market factors.

Meanwhile, petrol prices remain relatively high across filling stations in Nigeria.

DAILY POST reports that NNPC Limited filling stations currently sell petrol at approximately ₦1,325 per litre, while several other outlets dispense the product at prices ranging between ₦1,395 and ₦1,420 per litre.

With import parity now below the Dangote Refinery’s gantry price, attention is increasingly turning to how local refiners and petroleum marketers will respond to the changing market conditions.

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