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The landing cost of imported Premium Motor Spirit (petrol) has dropped to N797.66 per litre.
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The drop in landing cost is attributed to a price reduction at the Dangote refinery, which reduced the loading cost of its petrol from N825 per litre to N815 per litre.
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Oil marketers have expressed concern over the continuous decline in PMS prices, which has caused significant losses for them, with an estimated daily loss of N2.5 billion.
The landing cost of imported Premium Motor Spirit (petrol) has dropped to N797.66 per litre, according to the latest Competency Centre daily energy data released on Monday.
The drop in landing cost is attributed to a price reduction at the Dangote refinery, which reduced the loading cost of its petrol from N825 per litre to N815 per litre.
Hammed Fashola, National Vice President of IPMAN, stated that while the price war has benefited Nigerians, the unpredictability of fuel price reductions is forcing oil marketers to cut their purchases, leading to significant daily losses.
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“The price war has benefited Nigerians, but it’s causing us to lose money,” Fashola said.
The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to N797.73 per litre from N817.90 per litre charged last week Friday, while the average cost for 30 days also dropped to N851.76 from N854.15 per litre.
The price of Brent crude was benchmarked at $70.58 per barrel, from $69.88 per barrel quoted on Friday, with an exchange rate of N1,517.93 per dollar.
Nigeria’s Petrol Imports Surge 105% To N15.42tn In 2024 – NBS
Nigeria’s petrol imports doubled in 2024, rising by 105.3% to N15.42tn, despite significant investments in local refining, according to data from the National Bureau of Statistics.
The latest foreign trade statistics report revealed that the cost of petrol imports skyrocketed from N7.51tn in 2023 to N15.42tn in 2024.
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