The landing cost of petrol has dropped to N945.63 per litre, down from N981 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).
This decrease is attributed to the appreciation of the naira against the US dollar, with the exchange rate standing at N1,586.26 on September 27, compared to N1,667.22 on September 25.
*Key Price Reductions*
– Diesel: N1,089/litre to N1,068.04/litre
– Aviation fuel: N1,117.34/litre to N1,079.79/litre
– Petrol (Brent): $73.67/barrel to $72.45/barrel
The Nigerian National Petroleum Company (NNPC) has announced new prices for petrol lifted from the Dangote refinery, ranging from N950 to N1,019 per litre, depending on the region. However, some major marketers are selling petrol at N870 per litre in Lagos.
The sale of crude oil in naira to Dangote Refinery is set to begin today, October 1, 2024, with hopes that it will lead to a reduction in petrol prices. The Crude Oil Refinery-owners Association of Nigeria (CORAN) has expressed concerns about the prioritization of Dangote Refinery for naira crude sales.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) are seeking to purchase petrol directly from Dangote Refinery, bypassing NNPC. This move aims to promote a willing buyer-willing seller relationship and potentially reduce prices.
