The cost of landing Premium Motor Spirit (PMS), commonly referred to as petrol, has decreased by ?36, now standing at ?900.28 per litre, as of Thursday.
This represents a 3.62% drop from the previous weeks figure of ?936.75 per litre, according to data released by the Major Oil Marketers Association of Nigeria, (MOMAN).
Earlier this week, the landing cost had dipped to ?890.43 per litre, marking a continuing trend in declining import costs. Fresh reports also indicate that oil marketers imported a total of 90,308 metric tonnes of fuel between Tuesday and yesterday, December 13, 2024.
Despite this reduction, petrol still sells at an average of ?1,060 per litre at the pump, highlighting the gap between landing costs and retail prices.
Imported petrol remains cheaper than domestically refined products, with the ?angote Refinery selling at ?970 per litre and the Port Harcourt Refining Company at ?1,030 per litre.
Between December 10 and 13, about 121.1 million litres of petrol were imported into Nigeria via four vessels, underscoring Nigeria’s continued reliance on fuel imports amid challenges faced by domestic refineries. Factors like global crude prices, exchange rate volatility, and high operational costs contribute to the expensive nature of locally refined petrol.
While the decline in landing costs offers a reprieve, experts stress the need for domestic refineries to operate efficiently to reduce dependence on imports and ease the financial burden on consumers.
