According to oil marketers, the landing cost of Premium Motor Spirit (petrol) was N922.65 a litre on Friday.
Dealers stated that this pricing includes numerous expenditures such as shipping, import tariffs, and currency rates.
The figure is a significant N32.35 drop from the N955 per litre provided at the Dangote Petroleum Refinery’s loading gantry.
This reduction in landing cost is projected to impact the price at which gasoline is supplied to consumers, perhaps increasing marketers’ interest in returning to petrol imports.
“The lower cost of imported petrol is often an incentive to dealers, and you won’t blame marketers who import the product,” said a large marketer, who talked in confidence owing to a lack of authority to comment on the subject.
Last Sunday, the Dangote Petroleum Refinery announced that the hike in fuel prices from N899.50 was owing to an increase in the cost of crude oil, the primary component of refined petroleum products.
However, the recent drop in landing cost, which represents the cost of importing and delivering the goods, indicates some relief from the stresses of global market volatility and supply chain issues.
Despite this drop, the retail price of fuel in Nigeria has remained high, with major marketers selling refined goods in the Federal Capital Territory for N990 to N1,010 per liter.
According to the most recent competency center daily energy data released by the Major Energies Marketers Association of Nigeria on Friday and obtained by our correspondent on Sunday, the on-the-spot estimated import parity into tanks was N922.65 per litre, a decrease of N21 or 2.2% from the N943.75 per litre quoted on Thursday.
