Reports by the Major Energies Marketers Association of Nigeria (MEMAN) have shown that the landing cost of petrol is now N870 per litre.
According to MEMAN, the landing cost of petrol was N872 per litre on April 28 and N868 as of April 29.
According to the report, on April 23, the landing cost averaged N859 per litre, indicating that the cost of importing petrol has now risen above Dangote refinery’s announced ex-depot price of petrol of N835 per litre.
With the landing cost rising, importers of petroleum products seem to be having challenges selling their products at profitable rates.
According to petroleumprice.ng, Dangote sold petrol at N840 on Thursday, the same price as Matrix (Lagos) and Rainoil. Pinnacle, Mao, Sahara, AA Rano sold the product at N889 while Aiteo and Aipec offered PMS fuel for N838.
First Fortune’s price was N868; Sigmund, N875; Liquid Bulk, N870; Matrix (Warri), N870; NIPCO Lagos, N842.
While prices are lower in Lagos depots, those buying from the South-South pay more due to logistics.
Meanwhile, the SGR filling station in the Sagamu and Mowe axis of Ogun has dropped the price of PMS to N855 per litre. With over six stations along the Sagamu-Benin and the Lagos-Ibadan Expressways, SGR is selling PMS below the rates displayed by Dangote partners.
In Ogun, MRS sells petrol at N890 per litre while Heyden sells it at N885 as of Thursday. The Dangote refinery has consistently slashed the prices of petrol since the Federal Government began the naira-for-crude deal with the facility.
Importers of petrol had complained that the price cuts were impacting their businesses negatively, as they were forced to sell below their costs in order not to incur too many losses.
