By Ola Kay
The current landing cost of petrol also known as Premium Motor Spirit, PMS is now N774.82 per litre, cheaper than the previous depot price of Dangote Refinery’s fuel, which stood at N825 per litre, The Pinnacle Times has online has learnt.
The development follows the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria, MEMAN on Tuesday.
Information gathered from MEMAN shows estimated import difference into tanks has reduced to N774.82 per litre, translating to a reduction of N152.56 or 16.5 percent from the N927.48 per litre quoted on February 21, 2025 for petrol.
This is not unconnected with the development in prevailing global oil price drop.
As indicated, Brent Crude lowered to $70 and US WTI $66.70 as of Wednesday morning, 12 March, 2025, compared to around $76 and $69 in February.
According to MEMAN’s data, the price drop in global crude price made fuel import costs fall to N774.82 per litre,
It is expected that in the coming days, fuel price may drop even more to around N800 per litre, down from the lowest retail prices of N860 and N880 per litre in Lagos and Abuja.
In the beginning of March and February, the Nigerian National Petroleum Company Limited and Dangote Refinery reduced their petrol retail prices to N860 and N880 per litre in Lagos and Abuja.
What remains to be seen is how the current drop in fuel import landing cost will shape the price battle between Dangote Refinery, NNPC, and fuel importers.
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