Petrol Landing Cost Jumps 15% To N1,135.73 On Renewed Middle East Hostilities

The import parity price for petrol rose by about 15 per cent in two weeks to N1,135.73 per litre as at July 9, 2026, amid renewed tension in the Middle East that pushed global crude prices higher, according to a comparison of two Energy Bulletins by the Major Energies Marketers Association of Nigeria (MEMAN).

The association’s July 9, 2026, industry news roundup bulletin flagged escalating tensions around the Strait of Hormuz and reported that some filling stations had shut down amid speculation of a fuel price hike, as fears grew that the standoff could disrupt crude and product flows from the Middle East.

MEMAN’s data showed the impact was already visible in Nigeria’s short-term petrol import costs within the two-week window.

According to the bulletins, the spot landing cost for Premium Motor Spirit (PMS) via the ASPM route climbed from N983.92 per litre on June 24 to N1,135.73 per litre by July 9, an increase of N151.81, or roughly 15.4 per cent. The NPSC (NOJ) route followed a similar path, rising from N982.92 per litre to N1,134.72 per litre, also up by about 15.4 per cent.

The rise in spot landing costs came even as the 30-day average import parity price for petrol fell over the same period, from N1,138.20 per litre as at June 24 to N1,064.42 per litre as at July 9, a decline of about 6.5 per cent.

The divergence suggested that while near-term, geopolitically sensitive pricing had jumped sharply, the trailing average still reflected calmer market conditions from earlier in the month.

The report showed that diesel (AGO) and aviation turbine kerosene (ATK) recorded comparable increases in spot landing cost.

Diesel’s spot import parity rose from N1,213.44 per litre to N1,383.10 per litre, up about 14 per cent, while jet fuel climbed from N1,201.23 per litre to N1,359.67 per litre, up roughly 13.2 per cent.

MEMAN’s earlier bulletin had already flagged jet fuel as the only product category recording an upward move in spot import parity as at June 24, a trend that the later figures suggest has since spread to petrol and diesel.

Global crude benchmarks reflected the same pressure. Brent crude, cited in the July 9 bulletin’s industry news section as being on course for a weekly gain amid the escalating Hormuz tension, averaged $73.71 per barrel for the seven days to July 9, while Bonny Light, Nigeria’s benchmark grade, averaged $71.63 per barrel.

Both had eased from higher levels recorded in the June 24 bulletin ($79.64 per barrel for Bonny Light), underscoring how quickly the Middle East-driven volatility moved through the market within the two-week window.

The naira also weakened over the period, averaging N1,373.47 per dollar by July 9, up from N1,367.26 in the week to June 24, adding further pressure on landing costs, which are calculated in dollar terms before conversion.

Despite the higher import costs, Nigeria’s retail pump prices remained the cheapest in West Africa. MEMAN’s July 9 bulletin put the country’s average petrol pump price at N1,156 per litre, the lowest among twelve West African countries surveyed, with Sierra Leone recording the highest at N2,311.63 per litre.

Recall that the association’s earlier bulletin also showed that crude oil prices eased over the seven-day period ending June 24. Brent crude averaged $78.24 per barrel, while West Texas Intermediate averaged $69.90 per barrel.

Nigeria’s Bonny Light crude averaged $79.64 per barrel, slightly above Brent, reflecting continued demand for the country’s high-quality sweet crude.

MEMAN said the naira averaged N1,367.26 per dollar during the review week, based on the Central Bank of Nigeria’s weighted-average rate in the Nigerian Foreign Exchange Market. The exchange rate remained a major factor in determining the final cost of imported fuel, since crude oil and refined products are priced in dollars.

For diesel, MEMAN said Dangote Refinery’s gantry price was N1,500 per litre, compared with a 30-day import parity price of N1,487.71 per litre and a spot parity of N1,213.44 per litre. The figures showed that diesel import costs were also easing on a spot basis, even though the refinery’s gantry price remained above the spot benchmark.

The bulletin said aviation turbine kerosene, or jet fuel, was priced at N1,450 per litre at the Dangote gantry, while its spot import parity stood at N1,201.23 per litre. MEMAN said jet fuel was the only product category in the bulletin that recorded an upward move in spot import parity, suggesting some pressure on short-term aviation fuel costs.

MEMAN also said liquefied petroleum gas was sold at N925,000 per metric tonne at the Dangote facility. It added that ex-depot prices varied across major distribution hubs, with Lagos petrol ranging from N1,125 to N1,130 per litre and Port Harcourt recording some of the highest diesel prices at N1,550 to N1,555 per litre.

The association said Nigeria remained the cheapest petrol market in West Africa, with pump prices of N1,208 per litre, based on the lowest prevailing prices in Lagos. It said the figure was below those of Liberia, Benin, Togo, Ghana, Cameroon, Ivory Coast, Mali, Senegal and Sierra Leone, where prices were much higher.