• Information from the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of fuel is falling
• Data shows that the PMS landing cost decreased from N981 per liter on September 25, 2024 to N939.86 on November 1, 2024.
• A study by Legit.ng shows that oil marketers reduced petrol prices from N1,200 to N1,120 per litre, leaving a margin of N80.

Legit.ng’s Pascal Oparada covers technology, energy, stocks, investing and economy for more than ten years.

Legit.ng findings show that oil marketers reduced oil prices by N80 from N1,200 to N1,120 due to the reduction in the landing cost of the product.

Data from the Major Energy Marketers Association Nigeria (MEMAN) shows that the fuel landing cost decreased from N981 per liter on September 25, 2024 to N939.86 on November 1, 2024.

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MEMAN data shows landing costs are falling

According to MEMAN data released on Monday, November 4, 2024, as of November 1, 2024, the landing cost of diesel was N1,048.88 and that of aviation fuel was N1,117.94.

The association, which announces fuel landing costs on a monthly basis, calculated the price using the exchange rate of N1,651.78. Additionally, the import parity of the tank cost is estimated at N973.33 per liter, for diesel at N1,072.88 per liter and for aviation fuel at N1,123.14 per liter.

The New Telegraph reports that the data also revealed the ex-warehouse price. Lagos Fuel ranges from N850 to N1,120 per litre, diesel from N940 to N1,150 and aviation fuel from N900 to N1,400 per litre.

The data also included ex-depot prices of LPG, popularly called cooking gas, at N1,005 per kg and CNG at N230 and N490 per scm.

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Oil marketers cut oil prices by N80

Meanwhile, a study by Legit.ng shows that oil marketers reduced petrol prices from N1,200 to N1,120 per litre, leaving a margin of N80.

Mobil filling stations at Ogba axis in Lagos sold petrol between N1,080 and N1,120 per litre.

When asked why there was a discount, one of the gas station managers explained that the ex-depot price had decreased.

One of the managers, identified as Olakunle John, said prices had come down after NNPC increased retail station prices.

“I guess the management decided to be competitive and reduced the price below the price sold by NNPC. As you can see, our prices are about N40 lower than NNPC’s,” he said.

Oil marketers promise to reduce oil prices

Petroleum Products Retail Store Owners Association of Nigeria (PETROAN) announced on Monday, November 4, 2024 that the oil its members plan to import it will be cheaper More than sold in Nigeria.

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PETROAN’s national public relations officer, Joseph Obele, said competition should exist in an unregulated environment.

He explained that the association registered a business unit for oil imports before December.

Disputing Dangote Refinery’s claim that marketers intend to import inferior products at cheaper prices, he said the allegations were surprising.

Vanguard said Pinnacle Oil and Gas Limited had reacted to allegations of substandard oil blending near the Dangote Refinery, adding that it was not involved in the blending of substandard products.

Additionally, the association said that the company was unaware of the price of oil from the 650,000 barrel-per-day refinery until it issued a press release.

According to Obele, intense or aggressive competition in any market provides the best value for the company. money In exchange for a commodity, he says, consumers get the best value in terms of pricing at the peak of competition.

Dangote Refinery warns Nigerians over import of poor quality products

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Legit.ng was previously owned by Dangote Refinery warned Nigerians On the importation 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 announced that international traders allegedly brought these products, which Nigerian vehicle owners use on a daily basis, to the country.

A previous report stated that marketers said Dangote Refinery was selling oil at a higher cost than imported fuel.

Edited by Kola Muhammed, journalist and copy editor at Legit.ng.

Source: Legit.ng