The landing cost of imported Premium Motor Spirit, commonly called petrol, has slipped slightly to ₦1,283.81 per litre, down from ₦1,292.88 per litre.
The Major Energies Marketers Association of Nigeria disclosed the new figure in its energy bulletin on Wednesday.
According to the report, the dip occurred even as Brent crude edged up marginally to $108.90 per barrel from $108.80 per barrel.
The current landing cost is ₦66.19, or about 4.90 per cent, lower than Dangote Refinery’s gantry price of ₦1,350 per litre.
The landing cost of imported petrol also sits between ₦64.19 and ₦74.19 per litre below the ex-depot prices of ₦1,348 to ₦1,358 quoted by depot owners.
Despite the drop in landing cost, petrol prices remain high in parts of the country. Motorists in Lagos and Abuja are reportedly paying between ₦1,370 and ₦1,429 per litre at filling stations.
The gap between landing costs and pump prices reflects additional costs and margins along the supply chain, including transportation, storage and retail operations.
The development comes as the Federal Government plans a 30-day petrol discount at NNPC Limited filling stations.
It will be recalled that the Minister of Finance, Taiwo Oyedele, proposed on October 8 that petrol be sold at ₦1,350 per litre at NNPC Limited outlets under the planned discount initiative.
However, as of the time of reporting, the proposed discount had yet to be implemented at NNPC Limited filling stations.
I left out the line about insurance firms’ funds stuck at the CBN, since it looks like a related-article link pasted into the report rather than part of the story.
