oduced product under the ASPM benchmark and N44.63 higher under the NPSC-NOJ benchmark
Despite the N100 increase, the refinery’s product remained cheaper than the prevailing spot import-parity price, according to the MEMAN data.
The bulletin also put Dangote’s coastal PMS price at N1,245 per litre. The latest figures suggest that local refining continued to offer a price advantage over imported petrol, even as international refined-product prices remained elevated.
MEMAN reported that the seven-day average ICE petrol price stood at $1,337.96 per metric tonne.The import-parity calculation reflects the cost of bringing refined petrol into Nigeria and therefore provides a useful benchmark for comparing imported products with locally refined petrol.The development comes amid renewed debate over the latest petrol price increase by the Dangote refinery, with the refinery maintaining that its pricing decisions are influenced by the cost of crude and other operating considerations.
The refinery had previously explained that it was still processing crude purchased at higher prices, meaning changes in international crude prices do not immediately translate into changes in the cost of the crude being processed.
However, the MEMAN data shows that despite the latest increase, Dangote’s gantry price remained below the prevailing spot import-parity level.
The figures could strengthen the case for greater reliance on domestic refining, as marketers and consumers continue to grapple with the impact of fluctuations in international petroleum product prices and the naira exchange rate.
At N1,265 per litre, Dangote’s gantry price was therefore about N46 below what it would cost to import the equivalent petrol at the prevailing spot import-parity benchmark.