By Gwurld4026 
Fuel Price Trends: Landing Cost Hits N774/Litre
Recent developments in Nigeria’s fuel sector indicate a potential decrease in pump prices. The landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has fallen to approximately N774.72 per litre. This reduction is primarily attributed to a decline in global crude oil prices, with Brent Crude now trading around $70 per barrel, down from $76 in February.
This decrease in landing cost positions imported petrol as a more cost-effective alternative to locally refined products. Notably, Dangote Petroleum Refinery has set its ex-depot price at N825 per litre. The current landing cost is N50.28 lower than Dangote’s price, potentially intensifying competition among fuel suppliers.
Major oil marketers anticipate that these changes could lead to a reduction in retail fuel prices, projecting rates around N800 per litre. However, actual price adjustments at fuel stations will depend on various factors, including supply agreements and regional distribution costs.