The landing cost of petrol has decreased from N981 per litre on September 25, 2024, to N945.63 per litre as of September 27, according to data from the Major Energies Marketers Association of Nigeria (MEMAN). This decline follows the appreciation of the naira against the U.S. dollar, which was exchanged at N1,586.26 on September 27, down from N1,667.22 just two days prior. Additionally, Brent crude prices fell from $73.67 per barrel to $72.45, contributing to the reduction in the landing cost of imported petrol.
The report indicated a slight decrease in the average ex-depot prices of petrol in major cities, including Lagos, Calabar, and Port Harcourt. Diesel prices also saw a decline, dropping from N1,089 per litre to N1,068.04, while aviation fuel fell from N1,117.34 to N1,079.79 per litre. Notably, the difference between imported petrol and that from the Dangote refinery is now less than N46, calculated based on the Nigerian National Petroleum Company's (NNPC) claimed purchase price of N898 per litre for Dangote fuel.
In the wake of the Dangote refinery's petrol launch, NNPC increased pump prices significantly, from around N600 to N855 and N900 per litre. Currently, NNPC plans to sell petrol from the Dangote refinery at prices exceeding N1,000 per litre in northern regions, with specific prices set for states like Borno and Abuja. However, prices are reported to vary widely, with some areas experiencing prices as high as N1,200 or more, while others in Lagos are still selling at N870 per litre.
NNPC's Executive Vice President, Dapo Segun, explained that pricing remains market-driven, highlighting negotiations with Dangote on the petrol pricing strategy. As petrol sales from Dangote continue, there is growing optimism among Nigerians that prices may further decrease with the start of naira crude sales on October 1, 2024.
