The cost of importing petrol has dropped to ₦797.66 per litre, thanks to increasing competition among petroleum marketers. According to the Major Energies Marketers Association of Nigeria (MEMAN), this is a ₦20.16 decrease from the ₦817.82 recorded on March 14, offering slight relief to consumers.
MEMAN also reported that the spot price at the NPSC-NOJ terminal has fallen to ₦797.73 per litre from ₦817.9 the previous week. The 30-day average price has also declined to ₦851.76 from ₦854.15. Meanwhile, Brent crude is now priced at $70.58 per barrel, slightly up from $69.88, while the exchange rate stands at ₦1,517.93 per dollar. Despite global supply challenges, falling crude prices continue to push petrol costs lower.
More price cuts may follow as landing costs keep dropping. Dangote Refinery recently reduced its ex-depot price, bringing retail pump prices down to ₦860 per litre. The Nigerian National Petroleum Company Limited (NNPCL) has also made similar adjustments, raising hopes for further reductions in fuel prices soon.