Nigeria’s Petrol Landing Cost Drops to N797.66 per Litre Amid Market Volatility


By Insight by Oppy

The Major Energies Marketers Association of Nigeria (MEMAN) has reported a decline in the landing cost of imported Premium Motor Spirit (PMS) to N797.66 per litre as of Monday, reflecting a N20.16 drop from the N817.82 per litre recorded on March 14.

According to MEMAN's daily Energy Bulletin, the on-the-spot rate at the NPSC-NOJ terminal also decreased to N797.73 per litre, compared to N817.9 per litre recorded the previous week. Additionally, the 30-day average landing cost saw a marginal drop from N854.15 per litre to N851.76 per litre.

Meanwhile, the price of Brent crude oil rose slightly, reaching $70.58 per barrel, up from $69.88 per barrel on March 14. The exchange rate stood at N1,517.93 per dollar, while marketers calculated the product quantity at 38,000 metric tonnes.

MEMAN highlighted that global petroleum pricing remains highly volatile, influenced by a range of geopolitical and economic factors. These include ongoing tensions in the Middle East, China’s market dynamics, seasonal demand fluctuations, and production adjustments by major oil-producing countries.

As global energy markets continue to experience instability, industry players in Nigeria remain watchful, assessing the potential impact on fuel pricing and supply in the coming weeks.

Stay updated with more energy and economic insights on Insight by Oppy.

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