The landing cost of petrol/fuel has skyrocketed to N843.28 per liter according to the Major Energies Marketing Association of Nigeria (MEMAN).
MEMAN in its periodic bulletin that was made available to journalists in Lagos on Wednesday, further stated that the landing cost of diesel (AGO) rose to N1,006.50k; Kerosene (ATK), N1,006.50 per litre.
It added that Dangote coastal price for diesel was $680, ATK $742.50 while Dangote gantry price was $749.00 for diesel and $763.50 for ATK.
Meanwhile MEMAN has expressed support for competition and importation in the petroleum industry. The Chief Executive Officer, MEMAN, Mr. Clement Isong, also said they are ingredients of deregulation and liberalized market economy.
He spoke on Monday during MEMAN’s Q1 2025 Press training & engagement, which brought together industry experts who provided critical insights into the evolving energy sector. The session featured two distinguished speakers: a petroleum refining expert, Engr. Mark Williams, who delivered an in-depth presentation on the fundamentals of refining crude oil, the types of refineries, and the key processes involved and VP, Crude Oil, Argus Media, Mr. James Gooder, who led a session on fuel pricing and the benefits of adopting trade and product flows and highlighted how global pricing mechanisms influence Nigeria’s downstream market.
Isong said engagements like that, which foster industry dialogue and thought leadership, are precisely what MEMAN expects, encourages, and believes are essential for market growth and development.
He stated that MEMAN affirmed that the implementation of the Petroleum Industry Act (PIA) remains firmly on track. He added that while ongoing debates and discussions are expected, they should be encouraged as part of the natural evolution of a market-driven energy sector.
According to him, the transition from a state-controlled system to a competitive, deregulated market is essential for fostering efficiency, transparency, and long-term economic growth.
Isong said: “However, this transition requires patience, adaptation, and trust. As the market stabilizes, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realize the benefits of this transformation. A well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.
“As key industry stakeholders, MEMAN strongly supports the role of regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) in ensuring a fair, competitive, and well-regulated marketplace. It is imperative that their efforts remain focused on market stability, consumer protection, and building public confidence in the reform process.”
The MEMAN CEO said that marketers should be allowed to import petroleum products so as to engender healthy competition which will positively affect users of petroleum products and ultimately lead to price reduction.
He explained that blending is a part of the refining process, adding that there is nothing wrong with blending to align with a country’s specification.
Isong said: “We want them to import crude, to use the crude in Nigeria, to refine products, to sell to Nigeria, to export from Nigeria. We also want import of refined products and import of crude, because that is what makes the market more efficient.
“Is product coming from outside? Yes. And so what? Is the product blended in a laboratory refinery? Yes. Is the product blended anywhere else? Yes. Is blending of products normal? Yes. There is nothing wrong with blending. You blend so that you arrive at the right specification. That is what you have that first time. You go and you test what the product is like? Do you continue to blend it and put the product blended in depots? Yes. There is nothing wrong with blending. It allows the market to decide the flows of products, because that is what makes it efficient.
“We want lots of refining jobs. But do we want to rely 100% on local products? No. (1:36) There is nothing wrong with importing. There is nothing. Without importation, you will not have opportunities where you will crash the price. And your consumers will take advantage of the low price. You want to lose that opportunity? No. Anything you refine here, you can sell here and you can export. You will always have the opportunity to export. Allow the market to flow. Allow the market to decide the flow. Don’t interfere with the market. That is where we are coming from.”
Echezona Okafor.
The landing cost of petrol/fuel has skyrocketed to N843.28 per liter according to the Major Energies Marketing Association of Nigeria (MEMAN).
MEMAN in its periodic bulletin that was made available to journalists in Lagos on Wednesday, further stated that the landing cost of diesel (AGO) rose to N1,006.50k; Kerosene (ATK), N1,006.50 per litre.
It added that Dangote coastal price for diesel was $680, ATK $742.50 while Dangote gantry price was $749.00 for diesel and $763.50 for ATK.
Meanwhile MEMAN has expressed support for competition and importation in the petroleum industry. The Chief Executive Officer, MEMAN, Mr. Clement Isong, also said they are ingredients of deregulation and liberalized market economy.
He spoke on Monday during MEMAN’s Q1 2025 Press training & engagement, which brought together industry experts who provided critical insights into the evolving energy sector. The session featured two distinguished speakers: a petroleum refining expert, Engr. Mark Williams, who delivered an in-depth presentation on the fundamentals of refining crude oil, the types of refineries, and the key processes involved and VP, Crude Oil, Argus Media, Mr. James Gooder, who led a session on fuel pricing and the benefits of adopting trade and product flows and highlighted how global pricing mechanisms influence Nigeria’s downstream market.
Isong said engagements like that, which foster industry dialogue and thought leadership, are precisely what MEMAN expects, encourages, and believes are essential for market growth and development.
He stated that MEMAN affirmed that the implementation of the Petroleum Industry Act (PIA) remains firmly on track. He added that while ongoing debates and discussions are expected, they should be encouraged as part of the natural evolution of a market-driven energy sector.
According to him, the transition from a state-controlled system to a competitive, deregulated market is essential for fostering efficiency, transparency, and long-term economic growth.
Isong said: “However, this transition requires patience, adaptation, and trust. As the market stabilizes, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realize the benefits of this transformation. A well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.
“As key industry stakeholders, MEMAN strongly supports the role of regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) in ensuring a fair, competitive, and well-regulated marketplace. It is imperative that their efforts remain focused on market stability, consumer protection, and building public confidence in the reform process.”
The MEMAN CEO said that marketers should be allowed to import petroleum products so as to engender healthy competition which will positively affect users of petroleum products and ultimately lead to price reduction.
He explained that blending is a part of the refining process, adding that there is nothing wrong with blending to align with a country’s specification.
Isong said: “We want them to import crude, to use the crude in Nigeria, to refine products, to sell to Nigeria, to export from Nigeria. We also want import of refined products and import of crude, because that is what makes the market more efficient.
“Is product coming from outside? Yes. And so what? Is the product blended in a laboratory refinery? Yes. Is the product blended anywhere else? Yes. Is blending of products normal? Yes. There is nothing wrong with blending. You blend so that you arrive at the right specification. That is what you have that first time. You go and you test what the product is like? Do you continue to blend it and put the product blended in depots? Yes. There is nothing wrong with blending. It allows the market to decide the flows of products, because that is what makes it efficient.
“We want lots of refining jobs. But do we want to rely 100% on local products? No. (1:36) There is nothing wrong with importing. There is nothing. Without importation, you will not have opportunities where you will crash the price. And your consumers will take advantage of the low price. You want to lose that opportunity? No. Anything you refine here, you can sell here and you can export. You will always have the opportunity to export. Allow the market to flow. Allow the market to decide the flow. Don’t interfere with the market. That is where we are coming from.”
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