The landing cost of imported Premium Motor Spirit (PMS) has surged to N885 per litre, up from N797 per litre.
According to the Major Energy Marketers Association of Nigeria (MEMAN), this represents an N88 increase compared to last week’s landing cost.
As a result, the retail price of imported petrol in Nigeria could rise to approximately N1,000 per litre, up from the current range of N940 to N970 per litre.
Currently, the landing cost of imported petrol stands at N797 per litre, while the ex-depot price of petrol from Dangote Refinery is N815 per litre. Consequently, Dangote Petrol is sold at retail prices of N860 to N880 per litre at MRS filling stations in Lagos and Abuja.
Last week, Dangote Refinery halted the sale of petroleum products in naira, a move that could impact its pricing structure.
With ongoing developments in the downstream sector, both Dangote Petrol and imported fuel prices are expected to rise further.
Amid the uncertainty, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has cautioned Nigerians against panic buying.
The association also urged the government to maintain the Naira-for-Crude deal with Dangote Refinery while ensuring fair competition in the petroleum market.
“Reports linking the temporary suspension of naira sales by Dangote Refinery to panic buying are misleading. We want to reassure the public that there is no need for panic purchases,” PETROAN stated.
