Petrol Landing Cost Rises by ₦88 in One Week as Marketers Predict Price Hike

The landing cost of imported petrol in Nigeria has increased by ₦88 within a week, raising concerns about a possible hike in pump prices. Data from the Major Energies Marketers Association of Nigeria (MOMAN) revealed that the cost jumped from ₦797 per litre to ₦885 per litre.

This development was recorded on Wednesday and reflects ongoing changes in the deregulated fuel market.

Currently, the landing cost is ₦25 higher than the ₦860 per litre paid by consumers purchasing petrol from Dangote refinery’s partners, such as MRS.

Although Dangote’s ex-depot price remains at ₦815 per litre, this is still ₦70 lower than the latest landing cost figure.

The pump price of petrol, which dropped from around ₦1,000 per litre in January to an average of ₦860 recently, is now under pressure again.

This earlier reduction came after the Dangote refinery cut its landing costs, leading marketers to sell petrol at a loss to match the lower prices.

With the latest rise in landing costs, however, industry watchers anticipate that petrol prices could increase once more.

See also  Breaking: Tinubu Signs Four Tax Reform Bills Into Law

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

NiMet Issues Weather Alert: Thunderstorms and Heavy Rain Expected Thursday

FG Begins Seventh Round of Trials for Terror Suspects in Niger State

Teen Girl Gets Life Sentence for Killing FUT Minna Lecturer

EFCC Begins Deep Probe of Oil Sector, Uncovers Large-Scale Corruption

Court Allows ICPC to Temporarily Take Over Goodluck Jonathan Estate

Senate declares national emergency, launches probe into N1.3tn ponzi collapse

NiMet Issues Weather Alert: Thunderstorms and Heavy Rain Expected Thursday

FG Begins Seventh Round of Trials for Terror Suspects in Niger State

Teen Girl Gets Life Sentence for Killing FUT Minna Lecturer

EFCC Begins Deep Probe of Oil Sector, Uncovers Large-Scale Corruption