Petrol landing costs reduces

The cost of importing petrol into Nigeria has decreased to N900.28 per litre, a notable 3.62% reduction from last week’s N936.75 per litre, according to reports from energy marketers.

Earlier this week, the figure briefly fell to N890.43 per litre before stabilizing at its current rate.

In the past 72 hours, approximately 121.1 million litres of petrol were imported, with four vessels docking at ports in Lagos, Rivers, Warri, and Calabar. This decrease in landing costs offers some relief amid ongoing volatility in crude oil prices and foreign exchange rates.

However, despite the drop in import costs, retail petrol prices remain high. Imported products are still priced lower than domestically refined fuel. For example, petrol from the Dangote Refinery is sold at N970 per litre, while the Port Harcourt Refinery charges N1,030 per litre.

Analysts attribute these persistent challenges to the fluctuating crude oil prices and exchange rates. As of now, Brent crude is trading at $73.52 per barrel, while the naira exchange rate against the dollar hovers around N1,533.