Landing cost of petrol falls to N1,283.81/litre

•As crude oil rises to $108.90 per barrel

By Ediri Ejoh

The landing cost of imported Premium Motor Spirit, PMS, also known as petrol, has dropped marginally to N1,283.81 per litre from N1,292.88 per litre.

The latest figure was disclosed by the Major Energies Marketers Association of Nigeria, MEMAN, in its energy bulletin yesterday.

The decline came as Brent crude rose marginally to $108.90 per barrel from $108.80 per barrel, according to figures contained in the report.

The latest landing cost is N66.19, or about 4.90 per cent, below Dangote Refinery’s gantry price of N1,350 per litre.

Similarly, the landing cost of imported petrol was between N64.19 and N74.19 per litre below the ex-depot prices of N1,348 to N1,358 quoted by depot owners.

Despite the decline in landing cost, petrol prices remained elevated in parts of the country, with motorists in Lagos and Abuja reportedly paying between N1,370 and N1,429 per litre at filling stations.

The difference between landing costs and pump prices reflects additional costs and margins across the supply chain, including transportation, storage and retail operations.

The development comes amid the Federal Government’s proposed 30-day petrol discount at NNPC Limited filling stations.

Recall that the Minister of Finance, Taiwo Oyedele, on October 8 proposed that petrol be sold at N1,350 per litre at NNPC Limited outlets under the planned discount initiative.

However, the proposed discount had yet to be implemented at NNPC Limited filling stations as of the time of reporting.

The post Landing cost of petrol falls to N1,283.81/litre appeared first on Vanguard News.