The landing cost of petrol in Nigeria has decreased, dropping from N981 per litre on September 25, 2024, to N945.63 per litre as of September 27, following the appreciation of the naira and a slight decline in global crude oil prices. According to data released by the Major Energies Marketers Association of Nigeria (MEMAN), this reduction reflects the improved exchange rate of the naira against the U.S. dollar and lower Brent crude oil prices.
The report stated that the naira was exchanged at N1,586.26 per dollar on September 27, compared to N1,667.22 per dollar two days earlier. Brent crude also fell from $73.67 per barrel to $72.45 during the same period, contributing to the reduced cost of imported petrol.
The ex-depot prices of petrol saw marginal reductions in key cities such as Lagos, Calabar, and Port Harcourt. MEMAN also reported a drop in the landing costs of diesel and aviation fuel, with diesel falling from N1,089 per litre to N1,068.04 per litre, and aviation fuel reducing from N1,117.34 per litre to N1,079.79 per litre.
The price difference between imported petrol and locally produced petrol from Dangote Refinery is expected to be minimal, with a potential difference of less than N46 per litre. The Nigerian National Petroleum Company (NNPC) recently increased pump prices across the country, with petrol prices reaching as high as N1,200 in some regions. However, in areas such as Lagos, major marketers were still selling at around N870 per litre.
During a media chat, NNPC’s Executive Vice President, Downstream, Dapo Segun, shed light on the ongoing pricing negotiations between the NNPC and Dangote Refinery, confirming that pricing for petrol remains market-driven. He noted that while Dangote had set a price for its locally produced petrol, the NNPC negotiated a lower rate based on market alternatives, ensuring competitive pricing for Nigerian consumers.
