Petrol landing cost edges up to N977/litre

The cost of landing petrol in Nigeria has experienced a minor increase, now standing at roughly N977 per litre, as shown by newly released data from the Major Energy Marketers Association of Nigeria (MEMAN).

This slight adjustment, calculated with an exchange rate of N1,672.28 to the dollar, pushes the 30-day average landing cost up from its previous figure of N976.73 per litre.

Meanwhile, the current spot landing cost has shifted to N938.41 per litre, reflecting small fluctuations due to changes in exchange rates and supply conditions.

MEMAN’s breakdown of the landing cost shows it includes finance charges applied at a 32 per cent annual rate over a 30-day period, along with freight expenses over 10 days and fees from the Nigerian Ports Authority (NPA) for services such as mooring and towage.

Diesel (Automotive Gas Oil) and aviation fuel (Aviation Turbine Kerosene) remain mostly stable, with diesel priced at N1,086 per litre and aviation fuel at N1,141 per litre.

This slight uptick in the landing cost indicates modest adjustments in Nigeria’s fuel import market, as overall prices hold steady with minor changes.