Petrol Import Cost Rises to N885 Per Litre, May Push Pump Prices Beyond N1,000
The cost of importing Premium Motor Spirit (PMS), commonly known as petrol, into Nigeria has surged to N885 per litre, up from N797 per litre recorded last week.
The Major Energy Marketers Association of Nigeria (MEMAN) confirmed the increase in its daily energy bulletin released on Wednesday, marking an N88 per litre rise within a week.
With this development, petrol prices at filling stations could soon exceed N1,000 per litre, up from the current range of N940 to N970 per litre.
Currently, the landing cost of petrol stands at N797 per litre, while Dangote Refinery’s ex-depot price is at N815 per litre. This has pushed retail prices at MRS filling stations in Lagos and Abuja to range between N860 and N880 per litre.
A key factor influencing the price hike is Dangote Refinery’s recent decision to stop selling petroleum products in naira, opting instead for dollar transactions. This policy shift could further impact petrol prices, leading to additional increases in the coming weeks.
