The landing cost of imported petrol has dropped to N797 per litre.
In the latest Competency Centre daily energy data released on Monday, the Major Energies Marketers Association of Nigeria revealed that petrol-importing marketers paid a total sum of N797.66 to bring in a litre of petrol.
The dealers said the N797.66 per litre on-spot estimated import parity into tanks, which factors in various expenses including shipping, import duties, and exchange rates, is a considerable reduction of N20.16 from the N817.82 per litre landing cost last week Friday.
On-the-spot sales at the NPSC-NOJ terminal dropped N797.73 per litre from N817.90 per litre charged last week Friday, while the average cost for 30 days also dropped to N851.76 from N854.15 per litre.
The price of Brent crude was also benchmarked at $70.58 per barrel, from $69.88 per barrel quoted on Friday, with an exchange rate of N1,517.93 per dollar. This price was calculated based on 38,000 metric tonnes by the marketers.
“International Petroleum Product Pricing is currently experiencing significant volatility due to geopolitical and economic factors, including events in the Middle East, China’s market dynamics, seasonal variations, production status, and other global influences.
“The foreign exchange rate remains fairly stable, with minimal fluctuations observed over recent periods. Landing cost, being fundamentally influenced by these elements, is likely to change several times intra-day.
“Savings can be achieved through negotiations, access to foreign exchange, and logistics efficiencies, e.g., eliminating STS where possible or receiving larger cargos,” the document by the marketers showed.
The Dangote Refinery had, last week, effected a price reduction, dropping the loading cost of its petrol from N825 per litre to N815 per litre, further deepening the price war in the sector.
