The cost of importing Premium Motor Spirit (PMS) into Nigeria has dropped to ₦797.66 per litre due to increasing competition among petroleum marketers.
According to Naija News, the Major Energies Marketers Association of Nigeria (MEMAN) reported in its daily energy bulletin that this reflects a decrease of ₦20.16 from the previous landing cost of ₦817.82 per litre recorded on March 14.
The report also highlighted that the spot price at the NPSC-NOJ terminal has fallen to ₦797.73 per litre, compared to ₦817.9 per litre the previous week. Additionally, the average price over the past 30 days has declined from ₦854.15 to ₦851.76 per litre.
MEMAN further noted that Brent crude oil is now priced at $70.58 per barrel, slightly up from the $69.88 recorded on March 14. Meanwhile, the exchange rate currently stands at ₦1,517.93 per dollar, with marketers basing their calculations on 38,000 metric tonnes of product.
The global petroleum market is experiencing some fluctuations due to supply chain disruptions caused by trade conflicts and regional instability. However, the recent drop in crude oil prices has led to a decrease in PMS costs in Nigeria, with expectations of further reductions as landing costs continue to decline.
Just two weeks ago, Dangote Refinery reduced its ex-depot PMS price, bringing petrol prices at retail stations down to ₦860 per litre. The Nigerian National Petroleum Company Limited (NNPCL) has also made similar adjustments.
