The landing cost of imported Premium Motor Spirit has declined marginally to N1,283.81 per litre from N1,292.88 per litre, according to the Major Energies Marketers Association of Nigeria. The shift occurred as Brent crude oil rose slightly to $108.90 per barrel from $108.80 per barrel, the association said in its latest energy bulletin.
The current import price sits N66.19 per litre, or about 4.90 per cent, below the Dangote Refinery's pump price of N1,350 per litre. Imported petrol is also between N64.19 and N74.19 per litre cheaper than the ex-depot prices of N1,348 to N1,358 quoted by depot owners, showing a gap between what marketers pay and what they charge retailers.
Despite the fall in landing costs, consumers at petrol stations continue to pay significantly more. Motorists in Lagos and Abuja were reportedly paying between N1,370 and N1,429 per litre at filling stations. The difference between what importers pay and what consumers pay at the pump reflects transportation, storage and retail margins throughout the supply chain.
The development comes as the Federal Government pursues a 30-day petrol discount at NNPC Limited outlets. The Minister of Finance proposed on October 8 that petrol be sold at N1,350 per litre at NNPC Limited filling stations as part of the scheme. However, the discount had not yet been implemented at NNPC Limited stations at the time of the report.
For households and small businesses that depend on transport, the gap between falling import prices and stable pump prices means relief at fuel stations remains delayed despite cheaper supplies reaching Nigeria's shores.