Landing Cost of Petrol Drops to N797.66 Per Litre, Says MEMAN

The Major Energies Marketers Association of Nigeria (MEMAN) has announced a notable drop in the landing cost of imported Premium Motor Spirit (PMS), bringing it down to N797.66 per litre as of Monday. This marks a reduction of N20.16 from the N817.82 recorded just a few days earlier on March 14.

In its latest daily energy bulletin, MEMAN also reported a decrease in the on-the-spot rate at the NPSC-NOJ terminal, which fell to N797.73 per litre from the previous N817.9. Additionally, the 30-day average cost of PMS saw a marginal decline, settling at N851.76 per litre from N854.15.

The report noted that Brent crude oil prices inched upward, now standing at $70.58 per barrel compared to the $69.88 quoted on March 14. Meanwhile, the exchange rate remained relatively stable at N1,517.93 per dollar. According to MEMAN, marketers calculated the product quantity at 38,000 metric tonnes.

“International petroleum product pricing is experiencing significant volatility due to geopolitical and economic factors, including tensions in the Middle East, China’s market dynamics, seasonal demand fluctuations, and production levels,” MEMAN stated.

While the foreign exchange rate has remained fairly stable, MEMAN highlighted that landing costs can change multiple times within a single day due to external influences. The association emphasized that savings can be achieved through strategic negotiations, improved access to foreign exchange, and enhanced logistics efficiency, such as eliminating ship-to-ship (STS) transfers where possible or handling larger cargo shipments.

In a related development, the report indicated that the Dangote Petroleum Refinery also reduced its ex-depot petrol price at the loading gantry. The refinery’s petrol loading cost dropped from N825 per litre to N815.

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Earlier this month, on March 2, the Dangote refinery pledged to refund oil marketers who had purchased petrol at higher rates than the advertised prices from any of its key partners. The refinery’s major distribution partners include AP (Ardova Plc), Heyden, and MRS Oil.

This adjustment follows the refinery’s decision to slash its ex-depot petrol price to N825 per litre earlier in March, reflecting ongoing shifts in Nigeria’s petroleum pricing landscape.