PETROL IMPORT COST FALLS BELOW DANGOTE'S PRICE — BRENT DROPS TO $95 ON IRAN TALKS

MEMAN data: imported petrol lands at ₦1,117/litre vs Dangote gantry ₦1,250; Lagos pumps fall to ₦1,272–₦1,295

The cost of importing petrol into Nigeria has fallen below the ex-depot price charged by the Dangote Petroleum Refinery for the first time in months, new data from fuel marketers shows, as a sharp decline in global crude oil prices, driven by progress in US-Iran peace negotiations, creates competitive pressure in the downstream market.

Data from the Major Energy Marketers Association of Nigeria shows the landing cost of imported Premium Motor Spirit stood at ₦1,117 per litre as of June 4, 2026, ₦133 cheaper than Dangote's current gantry price of ₦1,250 per litre. MEMAN calculated the figure using an exchange rate of ₦1,366.85 per dollar and Brent crude at $94.99 per barrel.

Dangote responded by cutting its ex-depot petrol price by ₦25 per litre on June 5, and reducing its aviation fuel ex-depot price by ₦100 per litre on June 6, bringing the Jet A1 loading price down from ₦1,650 to ₦1,550 per litre.

At retail stations in Lagos, pump prices have fallen to between ₦1,272 and ₦1,295 per litre, depending on stock and logistics costs. Prices remain uneven across locations, with some stations still selling older high-priced stock while others have adjusted immediately.

The price declines reflect a significant improvement in global oil market sentiment following reports that the United States and Iran have "mostly agreed" on the terms of a 60-day ceasefire extension. Senior analysts say oil prices will likely remain in the $90–$100 range until there is greater clarity on any lasting peace agreement.

For Nigerian SMEs, the landing cost data signals that if the global crude price decline holds, further pump price reductions are likely in the coming weeks, with direct benefits for logistics, transport, and generator costs.