Petrol Price Hike Looms as Landing Cost Rise to N885 Per Litre

The landing cost of imported Premium Motor Spirit (PMS) has surged to N885 per litre, up from N797, according to the Major Energy Marketers Association of Nigeria (MEMAN).

This marks an increase of N88 per litre within a week, raising concerns about a potential rise in pump prices. Analysts predict that the cost of imported petrol at Nigerian filling stations could climb to around N1,000 per litre, from the current range of N940 to N970.

Meanwhile, Dangote Refinery’s ex-depot price stands at N815 per litre, with retail prices in MRS filling stations fluctuating between N860 and N880 per litre in Lagos and Abuja. The refinery’s recent decision to halt petroleum product sales in naira is expected to further impact pricing in the coming days.

Amid uncertainty, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged Nigerians to avoid panic buying. The association also called on the government to sustain the Naira-for-Crude deal with Dangote Refinery and ensure competitive pricing in the downstream sector.

PETROAN further opposed the sale of petroleum products in dollars within the Nigerian market, warning that such a move could worsen the situation for consumers.