The landing cost of imported petrol has dropped below Dangote Refinery’s gantry price by N66.19 per litre, highlighting a price gap between imported fuel and locally refined petrol.
According to a bulletin released by the Major Energies Marketers Association of Nigeria (MEMAN) on Monday, the landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol, fell to N1,283.81 per litre from N1,292.88.
The latest figure represents a decline of N9.07 per litre.
A comparison of the figures shows that imported petrol is now cheaper than Dangote Refinery’s gantry price of N1,350 per litre by N66.19 per litre.
Meanwhile, depot owners’ ex-depot prices ranged from N1,348 to N1,358 per litre, meaning the landing cost of imported petrol is between N64.19 and N74.19 lower per litre than the prevailing depot prices.
Nigerian Newssphere reports that despite the decline in imported petrol’s landing cost, consumers in Abuja and its environs currently pay between N1,370 and N1,429 per litre at filling stations.
The difference between the landing cost and retail pump prices reflects additional costs and margins that may arise along the supply and distribution chain.
Recall that on October 8, the Minister of Finance, Taiwo Oyedele, proposed a 30-day fuel discount at Nigerian National Petroleum Company Limited (NNPCL) filling stations, with petrol to be sold at N1,350 per litre.
However, Nigerian Newssphere can confirm that, as of the time of reporting, the proposed N1,350-per-litre discount had yet to be implemented at NNPCL filling stations.
