Landing Cost Of Petrol Rises To N885 Per Litre

The landing cost of imported Premium Motor Spirit (PMS) has surged to N885 per litre, up from N797 per litre, according to the Major Energy Marketers Association of Nigeria (MEMAN).

This increase represents an N88 rise within a week and could push petrol prices at filling stations to around N1,000 per litre, from the current N940–N970 per litre.

Meanwhile, Dangote Refinery’s ex-depot price remains N815 per litre, with retail prices at MRS filling stations ranging from N860 to N880 per litre in Lagos and Abuja.

Dangote Refinery’s recent move to halt petroleum product sales in Naira may further influence its price adjustments.

Given developments in the downstream sector, both imported and locally refined fuel prices are expected to rise soon.

On Tuesday, PETROAN urged Nigerians not to engage in panic buying, while calling on the government to sustain its Naira-for-Crude deal with Dangote Refinery and ensure fair competition in fuel pricing.

“PETROAN has also noted reports circulating in the media that the temporary suspension of sales in naira by Dangote Refinery is the reason for the panic buying.

“We wish to reassure the public that this is not a justification for panic buying,” it said.