The landing cost of petrol in Nigeria decreased from ₦981/litre on September 25, 2024, to ₦945.63/litre by September 27, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).
This drop followed the appreciation of the naira against the dollar, with the exchange rate improving from ₦1,667.22 to ₦1,586.26. Additionally, Brent crude oil prices declined slightly from $73.67/barrel to $72.45/barrel.
The fall in crude prices and exchange rates contributed to reductions in the landing cost of diesel and aviation fuel, which also saw marginal declines.
Notably, the difference between the cost of imported petrol and that from Dangote Refinery was projected to be under ₦46, based on the ₦898/litre that the Nigerian National Petroleum Company (NNPC) said it paid for Dangote fuel.
NNPC had previously raised petrol prices to between ₦855 and ₦900/litre after the Dangote refinery unveiled its locally produced petrol. With the commencement of sales, NNPC announced regionally varied prices, with petrol in northern states reaching as high as ₦1,019/litre. In southern states like Lagos, prices were set as low as ₦950/litre.
However, some major marketers in Lagos continued selling petrol at ₦870/litre, despite higher prices reported elsewhere in the country.
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