The landing cost of petrol has soared to N1,117 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN).
This revelation has sparked concerns about the sustainability of the current pump price of petrol in Nigeria.
MEMAN disclosed that the landing cost of diesel was N1,157 per litre, while that of aviation fuel was N1,127 per litre.
The association’s Executive Secretary, Clement Isong, stated that the costs were obtained from independent energy price benchmark providers.
He emphasized that MEMAN would release similar information regularly to keep the masses informed. This move is seen as a bid to promote transparency in the industry.
Experts have long argued that the current price of petrol in Nigeria is unsustainable, considering the international market price. Prof. Wumi Iledare, an energy sector expert, noted that the gap between the cost of diesel and petrol in Nigeria is unusually wide.
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“The price of petrol today does not reflect the market cost of producing a litre of petrol,” he said.
The International Monetary Fund (IMF) has also warned Nigeria to remove fuel subsidies, stating that they would gulp 3% of the nation’s GDP in 2024.
President Bola Tinubu had declared the removal of fuel subsidies during his inauguration, but the government has yet to take concrete steps in that direction.
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