The landing cost of imported premium motor spirit (PMS) has risen to N885 per litre, up from N797. This increase, revealed by the Major Energy Marketers Association of Nigeria in its daily energy bulletin, marks an 88-naira rise compared to last week’s landing cost of N797 per litre.
As a result, the price of imported petrol at Nigerian filling stations could rise to around N1,000 per litre, from the current range of N940 to N970. The current landing cost of petrol stands at N797, while the ex-depot price at Dangote Refinery is N815 per litre. Consequently, Dangote Petrol is sold at retail prices of N860 per litre in MRS stations in Lagos and N880 in Abuja.
Dangote Refinery’s decision last Wednesday to suspend the sale of petroleum products in Naira may affect the company’s pricing structure moving forward.
With this development in the country’s downstream sector, both Dangote Petrol and imported fuel prices are expected to increase soon.
On Tuesday, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) advised Nigerians against panic buying amid the uncertainty over petrol prices. PETROAN also urged the government to continue its Naira-for-Crude deal with Dangote Refinery while ensuring fair pricing in the downstream sector.
PETROAN reassured the public that the temporary suspension of Naira-based sales by Dangote Refinery should not be seen as a reason for panic buying.