The estimated landing cost of Premium Motor Spirit (PMS), popularly known as petrol, in Nigeria, has dropped by ₦36 to ₦900.28 per litre as of Thursday, marking a 3.62% decrease from last week’s ₦936.75 per litre.
According to Punch, data released by the Major Energies Marketers Association of Nigeria (MEMAN) highlighted the drop, with earlier records this week showing costs dipping to ₦890.43 per litre.
The decline reflects relief from global market fluctuations and supply chain factors.
Despite the decrease in landing costs, the retail price of petrol in Nigeria remains at ₦1,060 per litre. Notably, imported petrol, excluding regulatory fees, remains less expensive than domestically refined products. 
Between December 10 and December 13, 2024, oil marketers imported 90,308 metric tonnes of petrol, equivalent to 121.1 million litres. This was facilitated by four vessels that berthed at ports in Lagos, Rivers, Cross River, and Delta states.
– AYM Shafa imported 15,000MT (21.12 million litres) on December 10, arriving at Warri Port aboard the Stellar, managed by Peak Shipping.
– Kriti Ruby brought in 37,308MT (50.03 million litres) on December 12 at Apapa Port, handled by West Atlantic Port Services.
– St Lady Meenah berthed at Rivers Port the same day, delivering 23,000MT (30.84 million litres), managed by ULOB.
– Virgo 1 is scheduled to deliver 15,000MT (20.12 million litres) at Calabar Port today, handled by WAPS at Dozzy Oil and Gas Services Terminal.
While the Dangote Refinery’s petrol is priced at ₦970 per litre, marketers report that products from the Port Harcourt Refining Company are at ₦1,030 per litre.
These costs outstrip the price of imported PMS, raising questions about the efficiency and economic viability of domestic refining.
Crude oil costs, exchange rates, and dollar-denominated charges on locally refined PMS are cited as major contributors to high domestic refining costs.
Brent crude oil prices have fluctuated, with the latest benchmark at $73.52 per barrel, up from $72.06 the previous day.
The Nigerian Ports Authority documents revealed consistent imports, countering earlier claims by some marketers that they would halt petrol imports in favor of domestic supply.
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