The landing cost of imported Premium Motor Spirit (PMS), popularly known as petrol, has declined marginally to N1,283.81 per litre from N1,292.88 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN).
The latest figures were contained in MEMAN’s energy bulletin released on Wednesday.
The decline came despite a slight increase in the price of Brent crude, which rose to $108.90 per barrel from $108.80 per barrel.
The latest landing cost is N66.19, or approximately 4.9 per cent, below the N1,350 per litre gantry price of Dangote Refinery.
It is also between N64.19 and N74.19 lower than the ex-depot prices of N1,348 to N1,358 per litre quoted by depot owners.
Despite the reduction in landing costs, petrol prices remain high in parts of the country, with motorists in Lagos and Abuja reportedly paying between N1,370 and N1,429 per litre at filling stations.
The disparity between landing costs and pump prices reflects additional expenses and margins across the distribution chain, including transportation, storage and retail operations.
The development comes amid the Federal Government’s proposed 30-day petrol discount initiative at Nigerian National Petroleum Company Limited (NNPC Limited) filling stations.
The Minister of Finance, Taiwo Oyedele, had on October 8 proposed that petrol be sold at N1,350 per litre at NNPC Limited outlets under the planned discount programme.
However, the proposed discount had yet to be implemented at NNPC Limited filling stations as of the time of reporting.
