News Update

THE cost of importing petrol into Nigeria has decreased to N900.28 per litre, reflecting a reduction from last week’s N936.75 per litre.

This marks a 3.62% drop as reported by energy marketers.

Earlier this week, the figure briefly fell to N890.43 per litre before stabilizing.

In the past three days, marketers imported approximately 121.1 million litres of petrol, facilitated by four vessels docking at ports in Lagos, Rivers, Warri, and Calabar.

The reduction in landing costs offers temporary relief amidst fluctuating crude oil prices and exchange rates.

Despite the drop in landing costs, retail petrol prices remain high, with imported products proving cheaper than domestically refined fuel.

For instance, the Dangote Refinery sells petrol at N970 per litre, while Port Harcourt Refinery prices stand at N1,030 per litre.

Data from marketers reveal that exchange rate and crude oil price fluctuations continue to influence petrol pricing.

Brent crude traded at $73.52 per barrel, while the naira exchange rate hovered around N1,533 per dollar.

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