Fuel Price To Increase Again As Landing Cost of Petrol Increases To N885 Per Litre

The cost of imported pterol rose to N885 per litre on Wednesday, up from N797.

The Major Energy Marketers Association of Nigeria reported this increase in the landing cost of petrol in its daily energy bulletin published on Wednesday.

This marks an 88 naira increase from last week’s landing cost of N797 per litre.

As a result, the price of imported petrol at filling stations in Nigeria could rise to approximately N1,000 per litre, compared to the current range of N940 to N970.

Currently, the landing cost of petrol is N797, while the ex-depot price for petrol from Dangote Refinery is N815 per litre. Consequently, Dangote petrol is being sold at retail prices of N860 in MRS filling stations in Lagos and N880 in Abuja.

Additionally, Dangote Refinery’s decision last Wednesday to suspend sales of petroleum products in Naira may influence the company’s new pricing strategy.

Given the recent developments in the country’s downstream sector, it is anticipated that the prices of both Dangote petrol and imported fuel will rise in the near future.

On Tuesday, the Petroleum Products Retail Outlets Owners Association of Nigeria cautioned the public against panic buying due to the uncertainty surrounding petrol prices.

PETROAN urged the Nigerian government to maintain its Naira-for-Crude agreement with Dangote Refinery while ensuring fair competition in the pricing within the downstream sector.

“PETROAN has also observed media reports suggesting that the temporary halt of sales in Naira by Dangote Refinery is causing panic buying.

“We want to assure the public that this should not be a reason for panic buying,” it stated.

Furthermore, PETROAN opposed the sale of petroleum products in dollars within the Nigerian local market.