The cost of importing premium motor spirit, popularly known as petrol, into Nigeria has increased to N885 per litre, up from N797 per litre recorded last week.
The Major Energy Marketers Association of Nigeria (MEMAN) confirmed this rise in its daily energy bulletin released on Wednesday. This marks an increase of N88 per litre within a week.
With this increase, petrol prices at filling stations may soon go beyond N1,000 per litre, up from the current range of N940 to N970 per litre.
At the moment, the landing cost of petrol stands at N797 per litre, while Dangote Refinery’s ex-depot price is N815 per litre. This has resulted in retail prices at MRS filling stations in Lagos and Abuja ranging from N860 to N880 per litre.
Notedly, Dangote Refinery recently announced its decision to stop selling petroleum products in naira and this could affect its price template, possibly leading to further price increases.
Oil marketers have revealed that the landing cost of Premium Motor Spirit (petrol) as of Friday was N922.65 per litre. Dealers said this cost factors in various expenses including shipping, import duties, and exchange rates. The amount is a considerable reduction of N32.35 from the N955 per litre offered at…
Hopes of a reduction in petrol prices have been dashed following the Federal Government’s decision to increase the landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol. The latest data from the Nigerian National Petroleum Company Limited (NNPCL) shows that the landing cost of imported PMS has…
The landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024, the Major Energies Marketers Association of Nigeria announced on Wednesday. MEMAN disclosed this during a webinar with journalists on Wednesday. The association revealed that the landing cost of diesel was N1,157/litre,…
