The PUNCH reports that petrol pump prices may increase further due to the rising landing cost of imported PMS.
This follows Dangote Refinery’s suspension of naira-based sales to local marketers after the Federal Government allegedly withdrew from the naira-for-crude deal.
The report stated on Tuesday that the planned Monday meeting between the Technical Sub-Committee on the Naira-for-Crude Policy, Dangote Refinery, and government officials was postponed.
Insiders familiar with the committee’s operations said the meeting was rescheduled and might take place before the Sallah break.
A committee insider revealed that the meeting was postponed as the Nigerian Upstream Petroleum Regulatory Commission had yet to submit the required options for the naira-for-crude deal.
Data from the Major Energies Marketers Association of Nigeria on Wednesday showed that the landing cost of imported petrol increased by N88 in one week, a rise likely to affect pump prices soon.
MEMAN stakeholders asserted that those familiar with past price controls are resisting ongoing changes in the downstream sector, emphasizing that price adjustments are inevitable in a deregulated market.
The PUNCH reports that the landing cost of imported petrol climbed from N797 per liter last week to N885 per liter this week, reflecting an N88 increase per liter.
The Major Energies Marketers Association of Nigeria verified this increase in its daily energy bulletin issued on Wednesday.
Our correspondent observes that the new landing cost is N25 above the N860 per liter paid by end-users for Dangote petrol from MRS and other partners. Likewise, Dangote Refinery’s ex-depot price is N815 per liter, N70 lower than the new landing cost.
Signs indicate that the price of imported petrol may rise to N1,000 per liter at filling stations after including charges and margins.
In recent weeks, the pump price of petrol has declined from about N1,000 in January to an average of N860 per liter. Dangote Refinery’s repeated price cuts have triggered what many refer to as a trade war in the market.
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