Fuel Prices Slashed at Filling Stations as Importation Costs Fall

Recent data has shown that the landing cost of petrol and other petroleum products has crashed. 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 Legit.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.

source: legit.ng

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