Marketers Project N800/Litre as Imported Petrol’s Cost Drops

 The landing cost of petrol in Nigeria has decreased from approximately N1,100 per litre to between N978 and N1,000 per litre. This reduction has prompted the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) to announce plans to import petrol and sell it at prices below those offered by the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPCL).

Dr. Joseph Obele, PETROAN’s Publicity Secretary, stated that the association has secured partnerships with international fuel suppliers to import petrol at an estimated landing cost close to N800 per litre. He emphasized that PETROAN’s imported petrol would be more affordable than that of Dangote Refinery and NNPCL, which currently sells to marketers at N1,040 per litre. Obele noted that Dangote’s higher prices might be due to refining imported crude purchased at a premium.

The Federal Government has granted petroleum marketers permission to lift petrol directly from the Dangote Refinery, eliminating the need to go through NNPCL. This policy shift aims to foster a more competitive market environment and streamline the supply chain for petroleum products.