Findings by Legit.ng show that oil marketers have crashed petrol prices by N80 from N1,200 to N1,120 as the product’s landing cost crashes......See Full Story>>.....See Full Story>>
Data from the Major Energies Marketers Association of Nigeria (MEMAN) shows fuel landing cost dropped to N939.86 on November 1, 2024, from N981 per litre on September 25, 2024.
MEMAN data shows crashed landing costs
According to the MEMAN data released on Monday, November 4, 2024, the landing cost of diesel, as of November 1, 2024, stood at N1,048.88, while aviation fuel stood at N1,117.94.
The association, which releases fuel landing costs monthly, calculated the price using the FX rate of N1,651.78. It also estimated import parity into tank cost at N973.33 per litre, 1,072.88 per litre for diesel, and aviation fuel at N1,123.14 per litre.
The New Telegraph reports that the data also revealed that the ex-depot price in Lagos for fuel ranges between N850 per litre and N1,120, diesel between N940 and N1,150, and aviation fuel between N900 and N1,400 per litre.
The data also included the ex-depot price for LPG, popularly called cooking gas, at N1,005 per kg and CNG at N230 per scm and N490.
Oil marketers slash petrol prices by N80
Meanwhile, an investigation by Legit.ng shows that oil marketers have crashed petrol prices from N1,200 to N1,120 per litre, leaving a margin of N80.
Mobil filling stations along the Ogba axis in Lagos sold petrol for between N1,080 and N1,120 per litre.
When asked why there was a reduction, one of the filling station managers disclosed that the ex-depot price crashed.
One of the managers, identified as Olakunle John, said that the price crashed when the NNPC raised its retail station prices.
“I think the management decided to be competitive and crashed the price below the one sold by the NNPC. As you can see, our prices are about N40 lower than that of the NNPC,” he said.
Oil marketers vow to crash petrol prices
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) disclosed on Monday, November 4, 2024 that the petrol its members intend to import will be cheaper than the current one sold in Nigeria.
PETROAN’s national public relations officer, Joseph Obele, said competition must exist in a deregulated environment.
He disclosed that the association had registered a business unit to import petrol before December.
He disputed Dangote Refinery’s allegation that the marketers intend to import inferior products at a cheaper price, saying that the claims were surprising.
Vanguard reported that Pinnacle Oil and Gas Limited reacted to the allegations of blending substandard petrol near the Dangote Refinery, adding that it is not involved in blending inferior products.
Also, the association said it was unaware of the price of petrol from the 650,000bpd-capacity refinery until the company issued a press statement.
According to Obele, intense or aggressive competition in any market brings the best value for money in exchange for a commodity, saying that consumers get the best value for pricing at the peak of competition.
Dangote Refinery alerts Nigerians over import of Inferior products
Legit earlier reported that the Dangote Refinery had alerted Nigerians about the import of substandard petroleum products and the lack of laboratory facilities by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to detect them.
The mega refinery disclosed that international traders allegedly bring these products into the country, which are used daily by Nigerian vehicle owners.
A previous report noted that marketers said the Dangote Refinery sells petrol at a higher cost than imported fuel.