Petrol landing cost per litre jerks up

THE landing cost of imported premium motor spirit increased to N885 per litre on Wednesday from N797.

The Major Energy Marketers Association of Nigeria disclosed the rise in the landing cost of petrol in its daily energy bulletin released on Wednesday.

This represents 88 increase from the N797 per litre landing cost of petrol last week.

The implication is that the price of imported petrol at Nigerian filling stations may increase to about N1,000 per litre from between N940 and N970.

The current landing cost of petrol is N797 compared to the ex-depot price of Dangote Refinery’s petrol, which stood at N815 per litre. To this end, Dangote Petrol is sold at a retail price in MRS fillings at N860 and N880 per litre in Lagos and Abuja.

Meanwhile, Dangote Refinery’s decision last week Wednesday to halt petroleum products sales in Naira may impact the company’s fresh price template.

Going by the development in the country’s downstream sector, the prices of Dangote Petrol and import fuel are expected to go up in the coming days.

On Tuesday, the Petroleum Products Retail Outlets Owners Association of Nigeria warned Nigerians against panic buying amid petrol price uncertainty.

PETROAN urged the Nigerian government to continue its Naira-for-Crude deal with Dangote Refinery and at the same time ensure fair pricing competition in the country’s downstream sector.

“PETROAN has also noted reports circulating in the media that the temporary suspension of sales in naira by Dangote Refinery is the reason for the panic buying.

“We wish to reassure the public that this is not a justification for panic buying,” it said.

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PETROAN further kicked against the sale of petroleum products in dollars in the Nigerian local market.

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