By Gwurld4026 
Petrol Prices Surge: Landing Cost Hits N885 per Litre
The landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol, has surged to ₦885 per litre, marking an increase from ₦797 per litre recorded last week. This ₦88 rise in landing cost is expected to impact pump prices, potentially pushing them above ₦1,000 per litre from the current range of ₦940 to ₦970 per litre.
In contrast, the Dangote Refinery’s ex-depot price for petrol stands at ₦815 per litre, which is ₦70 lower than the new landing cost of imported fuel. This price difference has led to Dangote’s petrol being sold at retail prices between ₦860 and ₦880 per litre in Lagos and Abuja.
The increase in landing costs is attributed to several factors, including fluctuations in global oil prices, exchange rate variations, and logistical expenses associated with importing fuel. These dynamics have intensified competition in Nigeria’s downstream oil sector, especially with the Dangote Refinery’s recent entry into the market. The refinery’s strategic pricing has influenced market trends, leading to adjustments by other players to remain competitive.