The cost of landing Premium Motor Spirit (PMS), commonly referred to as petrol, in Nigeria has dropped by N36, reaching N900.28 per litre
The cost is a 3.62% decline from the previous N936.75 per litre recorded last week.
This is according to data released by the Major Oil Marketers Association of Nigeria (MOMAN).
Petrol landing cost refers to the total cost of importing a litre of petrol to a specific location, including the price of the fuel itself, shipping costs, insurance, customs duties, and any other fees incurred during transportation.
Crude oil prices and foreign exchange rates are the major factors that determine the cost.
New petrol cost
Punch reports that the landing cost dropped even lower to N890.43 per litre earlier in the week before increasing again.
The new landing price of petrol is currently cheaper than Dangote petrol, which is priced at N970 per litre.
Legit earlier reported that refiners blamed the federal government for the high petrol prices despite the operations of the Dangote Refinery and the Port Harcourt Refining Company.
Importation to continue
In an earlier comment, members of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) noted that they would import petrol to sell at prices lower than those offered by the Dangote Refinery.
The marketers stated that they have signed agreements with international suppliers to import the product at lower costs.
According to them, the new petrol regime allows them the right to source products from cheaper suppliers.
Refinerrs wants govt to stop giving import licence
In a related development, Legit.ng reported that the Crude Oil Refinery Owners Association of Nigeria (CORAN) has cautioned the Nigerian government against issuing licenses to importers.
They argued that foreign traders use local marketers to import off-spec petroleum products into the country.
The refiners believe that Nigeria is in deep trouble as many international traders still hold licenses to import fuel into the country.