Petrol Landing Cost Drops to ₦1,283.81 Per Litre as Crude Oil Hits $108.90

The landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol, has declined to ₦1,283.81 per litre, down from ₦1,292.88, despite a slight increase in global crude oil prices.

The Major Energies Marketers Association of Nigeria (MEMAN) disclosed the latest figures in its energy bulletin, indicating a reduction of ₦9.07 per litre in the cost of importing petrol into the country.

The development comes as Brent crude oil prices increased marginally from $108.80 to $108.90 per barrel, reflecting continued volatility in the international energy market.

According to the association’s data, the latest petrol landing cost is ₦66.19 per litre, representing approximately 4.9 per cent below the ₦1,350 gantry price offered by Dangote Petroleum Refinery.

Similarly, imported petrol’s landing cost remains lower than the ex-depot prices quoted by petroleum depot operators, which range between ₦1,348 and ₦1,358 per litre.

The figures indicate a price difference of between ₦64.19 and ₦74.19 per litre when compared with the prevailing depot rates.

The decline comes amid growing concerns over the rising cost of petroleum products and its implications for transportation, business operations and household expenditure across Nigeria.

Despite the reduction in import costs, consumers may not experience an immediate corresponding decrease in pump prices, as retail prices are influenced by transportation expenses, distribution costs and marketers’ margins.

The development also comes against the backdrop of the Federal Government’s efforts to stabilise petrol prices and cushion the impact of fluctuations in global energy markets.

The government had earlier proposed a ₦1,350-per-litre ceiling on petrol landing and ex-gantry costs as part of measures to moderate price volatility and protect consumers from sudden increases.

The latest figures have renewed attention on pricing differences between imported petroleum products and locally refined petrol, particularly as stakeholders continue to assess their implications for Nigeria’s downstream petroleum sector.