Imported petrol landing cost decreases to ₦797.66/litre following Dangote’s reduction

The landing cost of imported Premium Motor Spirit (petrol) has dropped to ₦797.66 per litre.

The drop in landing cost is attributed to a price reduction at the Dangote Refinery, which reduced the loading cost of its petrol from ₦825 per litre to ₦815 per litre.

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 ₦2.5 billion.

The landing cost of imported Premium Motor Spirit (petrol) has dropped to ₦797.66 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 ₦825 per litre to ₦815 per litre.

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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.

“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 ₦797.73 per litre from ₦817.90 per litre charged last week Friday, while the average cost for 30 days also dropped to ₦851.76 from ₦854.15 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 ₦1,517.93 per dollar.

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