Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The landing cost of petrol in Nigeria has reduced according to the latest figures from the Major Energy Marketers Association of Nigeria (MEMAN).

MEMAN disclosed that the cost of bringing in imported petrol is now N967 per litre.

The oil marketers association stated this in its most recent daily energy bulletin, published on its website.

Petrol landing costs are primarily determined by the foreign exchange rate, the price of international crude oil, and other factors.

In its daily energy bulletin, MEMAN said that the latest landing cost was based on N1,500.52/$ and $76 barrel of crude oil (Brent).

Part of the bulletin reads:

“International petroleum product pricing is experiencing significant volatility due to geopolitical and economic factors, including events in the Middle East, China's market dynamics, seasonal variations, production levels, and other global influences.

"The foreign exchange rate has remained relatively stable, with minimal fluctuations in recent periods. Landing costs, which are fundamentally influenced by these factors, are likely to change multiple times within a single day.

"Cost savings can be achieved through negotiations, access to foreign exchange, and logistical efficiencies, such as eliminating ship-to-ship (STS) transfers where possible or receiving larger cargo shipments."

Meanwhile, Dangote Petroleum Refinery recently crashed petrol prices from N890 per litre to N825 for marketers.

Retail prices for petrol at its four partners(Optima Energy, MRS Nigeria, Ardova PLC, and Hyden) were also reduced from N925 to N860 per litre.

The mega refinery also stated that, in collaboration with its partners, it will ensure fuel is available at a more affordable price.

Additionally, it pledged to compensate oil marketers who previously purchased fuel at a higher price from its refinery.

Dangote also announced that it will reimburse Nigerians who provide proof that its partners are selling above the advertised rates at their filling stations.

In response to Dangote's announcement, the Nigerian National Petroleum Company Limited (NNPC) has decided to reduce its pump price of petrol from N945 to N860 per litre.

Earlier, Legit.ng reported that the Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has finally reacted to the new fuel prices from Dangote Petroleum Refinery and the NNPCL.

The PETROAN national resident explained how the price changes would affect the everyday lives of Nigerians.

Billy Gillis Harry, the association president commended the move to reduce prices and also sent a message to Dangote Refinery over the latest decision to refund customers N65.

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Source: Legit.ng