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Petrol Landing Cost Rises Slightly to N977/Litre in Nigeria

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The landing cost of petrol in Nigeria has edged up slightly to around N977 per litre, according to recent data from the Major Energy Marketers Association of Nigeria (MEMAN). This marks a minor increase from the previous 30-day average of N976.73 per litre, influenced by current exchange rates and market factors.

At the prevailing exchange rate of N1,672.28 to the dollar, the latest figures show the spot landing cost at N952.69 per litre. This increase is due to a combination of costs, including finance charges calculated at an annual rate of 32% over 30 days, freight charges for a 10-day shipping period, and Nigerian Ports Authority (NPA) fees for essential services like mooring and towage.

Despite these slight adjustments, other fuel prices, such as diesel (Automotive Gas Oil) at N1,085 per litre and aviation fuel (Aviation Turbine Kerosene) at N1,140 per litre, have remained relatively steady.

The marginal increase in petrol landing costs reflects the ongoing challenges in Nigeria’s fuel import sector, with prices adjusting slightly in response to exchange rates and supply conditions. However, the market remains stable overall, showing resilience amid minor fluctuations.

Emmanuel Femi Adedayo

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Emmanuel Femi Adedayo

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