According to a report by DAILY POST on Wednesday 21 October 2026, the landing cost of imported petrol in Nigeria has decreased to ₦1,283.81 per litre, even as depot prices and pump prices remain relatively high across the country.
According to a bulletin published by the Major Energies Marketers Association of Nigeria (MEMAN), the landing cost of Premium Motor Spirit (PMS), popularly known as petrol, dropped from ₦1,292.88 to ₦1,283.81 per litre.
Despite the reduction, the cost of purchasing petrol from depots has remained above the landing cost, limiting the immediate impact of the decline on consumers.
The MEMAN bulletin also showed that Brent crude oil traded at $110.70 per barrel, while West Texas Intermediate (WTI) stood at $99.90 per barrel at the time of reporting.
Meanwhile, the Dangote Refinery maintained its petrol gantry price at ₦1,350 per litre, while depot prices ranged between ₦1,348 and ₦1,358 per litre.
Reports say that motorists in Abuja and surrounding areas currently purchase petrol at prices ranging from ₦1,370 to ₦1,429 per litre.
The latest figures suggest that the marginal decline in import costs has yet to result in a corresponding reduction in the prices paid by consumers at filling stations.
The development comes amid growing concerns over the rising cost of fuel and its effects on transportation expenses and household spending.
Recall that the Minister of Finance, Taiwo Oyedele, proposed a 30-day petrol discount at Nigerian National Petroleum Company Limited (NNPC) filling stations on October 8, 2026.
Under the proposal, petrol was expected to sell for ₦1,350 per litre at participating NNPC stations.
However, checks have indicated that the proposed discount had not been implemented at NNPC filling stations as of the time of reporting.
Consequently, motorists are still paying the prevailing pump prices while awaiting the implementation of the proposed fuel price reduction.
SOURCE: INITIATIVESTV
