Filling Stations to Adjust Prices as Landing Costs Crashes, FG Speaks on Dangote Petrol

Sep 27, 2024 | Uncategorized


  • Major marketers have reported a crash in the landing cost of petrol, which might lead to a reduction in prices
  • According to the marketers, the landing cost of petrol dropped from N1,300 to N981 per litre
  • The marketers also confirmed the importation of about 141 million litres of petrol loaded in three vessels

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Data released by the Major Energies Marketers Association of Nigeria (MEMAN) shows that the landing cost of petrol has dropped to N981 per litre.

The petrol landing cost was around N1,130 per litre in the previous weeks and dropped by over N140 as of September 25, 2024, caused by the decline in international crude oil prices.

Petrol prices to crash
Major marketers confirm crash in petrol landing cost
Credit: Bloomberg/Contributor
Source: UGC

Crude oil prices crash in the market

Read also

Nigerians lament as cooking gas Dealers quote new prices, give reasons

Crude prices and foreign exchange rates are significant factors determining the cost of refined petroleum products, including diesel, aviation, and kerosene.

According to reports, Brent traded above an average of $80 in August 2024 but fluctuated between $70 per barrel and $75 since September.

The commodity sold for $71.41 on Thursday, September 26, 2024, down from $73 per barrel since this month.

According to Statistica data, the average price of crude in August was about $80.36 per barrel.

Following the drop in landing costs and the increase in the commodity’s pump prices in Nigeria, major oil marketers have begun importing the product.

Oil marketers begin petrol imports

The Nigerian National Petroleum Company Limited (NNPC) was the sole importer of the product in Nigeria before the recent hike in pump prices and the beginning of petrol production by the Dangote Refinery.

Read also

CBN identifies forces behind naira crash against US dollar as new exchange rate emerge

Legit.ng reported that three oil marketers expected about 141 million litres of petrol.

The dealers stated that three vessels were transferring the products to Nigeria following the government’s deregulation of the downstream oil sector.

Punch reports that the marketers confirmed on Thursday, September 26, 2024, that some vessels had arrived in Nigeria.

Petro ex-depot prices across Nigeria

MEMAN disclosed that the product’s landing cost began to decline in mid-July and dropped to N950 per litre in early September.

It was observed that the crash came despite the rise of the US dollar against the naira. The landing cost was calculated using N1,667.22 per dollar.

MEMAN said that the average ex-depot price of petrol was between N865 and N1,200 in Lagos, between N980 and N1,400 per litre in Calabar, and N1,200 to N1,400 in Port Harcourt as of Wednesday, September 25, 2024.

The marketers stated that the landing cost of diesel is about N1,089 per litre, and aviation fuel costs N1,117.34.

Read also

“It’s cheaper”: Marketers compare Dangote petrol price with imported fuel, fault NNPC on cost

Reports say the marketers said the ex-depot price of diesel was about N1,165 in Lagos and N1,200 in Calabar and Port Harcourt,

Marketers begin direct talks with Dangote Refinery

Legit.ng earlier reported that independent petroleum marketers are starting direct negotiations with the Dangote Petroleum Refinery in Lagos to break NNPC’s monopoly in the petroleum sector, especially in distributing Dangote petrol.

The oil marketers have expressed hope that they could lift petrol directly from the Dangote refinery as the product’s scarcity continues.

Checks reveal that many petrol stations in Abuja are still shut down due to scarcity three months later.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng



Source link

Recent Post

Peterson Okopi, Prudent Gabriel ties the knot in traditional way

Gospel singer, Peterson Okopi and celebrity stylist, Prudent Gabriel have exchanged vows in a beautiful traditional wedding ceremony. The news of their wedding went viral in a viral video on The post Peterson Okopi, Prudent Gabriel ties the knot in traditional...

Recent Event Post

48th Conference and AGM Kano 2024: Tumbin Giwa

48th Conference and AGM Kano 2024: Tumbin Giwa

On behalf of the Governing Council, we are pleased to invite you to the 48th NIFST International Conference and Annual General Meeting with the theme: “Food Science and Technology for Sustainable Food and Nutrition Security” which will now hold from 14th -17th...

Post you may also like

Peterson Okopi, Prudent Gabriel ties the knot in traditional way

Gospel singer, Peterson Okopi and celebrity stylist, Prudent Gabriel have exchanged vows in a beautiful traditional wedding ceremony. The news of their wedding went viral in a viral video on The post Peterson Okopi, Prudent Gabriel ties the knot in traditional...