The cost of importing petrol into Nigeria has declined to ₦1,164.06 per litre, according to the latest energy price bulletin released by the Major Energies Marketers Association of Nigeria (MEMAN).
MEMAN’s data showed that petrol import parity dropped to ₦1,164.06 per litre as of November 5, 2026, from ₦1,189.86 recorded the previous day.
The reduction represents a decrease of ₦25.80 per litre, equivalent to a 2.17 per cent decline in import costs.
The development comes amid a price gap between imported petrol and locally refined products, with the Dangote Refinery’s gantry price standing at ₦1,215 per litre, higher than the prevailing import parity price.
Meanwhile, international crude oil prices have also recorded declines, with Brent crude falling by 2.31 per cent to $90.43 per barrel, while West Texas Intermediate (WTI) dropped by 1.93 per cent to $85.17 per barrel.
The decline in global oil prices has been linked to easing tensions following the de-escalation of the Iran war.
The downward movement in crude oil prices could create room for further reductions in domestic petrol prices in the coming days, particularly as competition between local refineries and fuel importers intensifies.
However, petrol prices at filling stations across Nigeria remain relatively high.
While Nigerian National Petroleum Company Limited (NNPCL) filling stations currently sell petrol at ₦1,325 per litre, other retail outlets dispense the product at prices ranging between ₦1,395 and ₦1,420 per litre.
The latest decline in import parity could increase pressure on fuel marketers and local refiners to review their prices, although the extent to which the reduction will reflect at filling stations remains uncertain.
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