Data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported petrol has declined slightly to N975 per litre.
The adjustment shows a decrease from the previous rate of N977 per litre when calculated at an exchange rate of N1,658.93 to a dollar.
The spot landing cost also reduced slightly to N938 per litre, showing modest improvements caused by FX rate stability and supply dynamics.
According to BusinessDay, the MEMAN data comprises several factors, including finance charges at an annual rate of 32% over 30 days, freight costs over 10 days, and NPA fees such as mooring and towage.
Other fuels saw a decline in landing costs, with diesel at N1,085 per litre and aviation fuel at N1,141 per litre.
Checks by TimesNow.com.ng on Sunday, November 17, 2024, show that petrol stations slashed prices by as much as N70 per litre to reflect the change in landing costs.
At the Lado petrol station along the Iju-Ishaga axis, officials were seen dispensing petrol to motorists at N1,050 from N1,125 it sold the product last week’
The station’s manager, who spoke anonymously, confirmed that the new price is a directive from the company’s management.
The development comes as the Nigerian National Petroleum Company Limited (NNPC) and other marketers imported over two billion litres of petrol in 42 days from October 1 to November 11, 2024.
As marketers increased petrol, diesel, and aviation fuel imports, local refiners kicked against the development, asking the government to stop issuing import licenses to marketers.
However, oil marketers insisted that the downstream petroleum sector had been deregulated and dealers could source products anywhere.
The marketers also said that refined product costs had begun crashing due to subsidy removal.
Some dealers announced that petrol prices have crashed from N1,200 to N1,080 per litre in some locations.
Punch reports that during the 42 days, the NNPC and its partners imported 1.5 million metric tonnes of petrol, 414,018.764MT of diesel, and 13,500MT of aviation fuel, all worth about N3 trillion or $1.8 billion.
According to the report, one metric tonne of petrol equals 1,341 litres, meaning 1.5 million metric tonnes is 2.011 billion litres of petrol.
Petrol imports continue as the Nigerian government tries to end imports through the naira-for-crude sale arrangement with Dangote and other domestic refineries.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed in a recent report that petrol imports into Nigeria spiked in October compared to September 2024.
TimesNow.com.ng earlier reported that the NNPC has debunked a recent report saying it has ended petrol import in favour of local refineries such as Dangote Refinery.
The national oil company called the report a misrepresentation and misinterpretation of fact.
