Petrol Landing Cost Drops to N922.65 Per Litre, Marketers Expect Price Adjustments

This reduction, amounting to N32.35 per litre, is attributed to lower shipping, import duties, and exchange rates, according to dealers in the oil sector. The decline in landing costs has raised expectations that the price of petrol could be adjusted at the consumer level

Oil marketers have revealed that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, dropped to N922.65 per litre as of Friday, marking a significant decrease from the previous cost of N955 per litre at the Dangote Petroleum Refinery’s loading gantry.

This reduction, amounting to N32.35 per litre, is attributed to lower shipping, import duties, and exchange rates, according to dealers in the oil sector.

The decline in landing costs has raised expectations that the price of petrol could be adjusted at the consumer level.

Marketers, who spoke on the condition of anonymity due to lack of authorization, noted that the reduction in imported petrol prices often acts as an incentive for dealers to resume imports.

The decrease in import costs is seen as an opportunity for marketers to source cheaper products, potentially offering better margins.

“The lower cost of imported petrol is often an incentive to dealers, and you won’t blame marketers who import the product,” a major marketer explained.

The marketer’s comments reflect the wider market sentiment, with many industry players anticipating increased interest in imported fuel, given the reduced landing costs.

This change in petrol pricing comes amid an environment of volatile crude oil prices, which directly impact the cost of refined petroleum products.

Last Sunday, the Dangote Petroleum Refinery noted that the price hike from N899.50 was primarily due to an increase in the cost of crude oil.

Despite the recent landing cost decrease, the high retail price of petrol in Nigeria remains a concern, with petrol being sold between N990 and N1,010 per litre in major locations such as the Federal Capital Territory.

According to the latest energy data released by the Major Energies Marketers Association of Nigeria (MEMAN), the on-spot estimated import parity into tanks stood at N922.65 per litre on Friday, a decrease of N21 or 2.2% from the previous day’s cost of N943.75 per litre.

Despite this reduction, the average 30-day cost rose to N939.52 per litre, up from N929.07 per litre the previous day and N900.74 per litre earlier in the week.

These fluctuations highlight the ongoing volatility in the oil market and the continuous influence of global market conditions.

In addition to the drop in landing costs, the price of Brent crude was pegged at $78.29 per barrel on Friday, a slight decrease from the previous day’s value of $78.88 per barrel.

The exchange rate remained at N1,550 per dollar, further impacting the overall cost structure of imported fuel.

Private depot owners and independent marketers, benefiting from the updated landing costs, now have the opportunity to generate sustainable profits and ease some of the challenges posed by supply chain disruptions.

The price reductions at loading depots for the past week, including a N10 reduction in loading costs, indicate a more favorable environment for stakeholders in Nigeria’s downstream oil sector.

However, despite the positive signs for marketers and importers, challenges persist in the sector.

The high exchange rates and the unpredictability of global oil prices continue to weigh on the retail pricing of petrol in Nigeria, leaving consumers to bear the brunt of these ongoing market dynamics.

The latest price movements provide some relief to stakeholders, but the influence of exchange rate fluctuations and global market trends suggests that petrol pricing in Nigeria will continue to be subject to ongoing pressures in the foreseeable future.

 

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