By Our Correspondent
The cost of importing petrol into Nigeria has dropped slightly, with the landing cost of Premium Motor Spirit (PMS) now at ₦900.28 per litre.
This marks a modest decrease of ₦36 from last week’s ₦936.75 per litre.
Earlier in the week, the figure had reached ₦890.43 per litre, reflecting adjustments in global market conditions and logistics.
Despite the decline in landing costs, the retail price for petrol remains unchanged at ₦1,060 per litre.
Interestingly, imported petrol continues to be cheaper than locally refined products, which raises concerns about the competitiveness of domestic refineries.
For instance, petrol from the Dangote Refinery costs ₦970 per litre, while that from the Port Harcourt Refining Company is priced at ₦1,030 per litre.
Between December 10 and 13, four vessels delivered 121.1 million litres of petrol to ports in Lagos, Rivers, Delta, and Cross River states.
These imports, totaling 90,308 metric tonnes, were managed by various companies and highlight ongoing efforts to sustain the nation’s fuel supply.
Factors like crude oil prices, exchange rates, and associated costs are driving high expenses in domestic refining.
Meanwhile, Brent crude oil, a global benchmark, recently rose to $73.52 per barrel, reflecting fluctuations in the oil market.
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