The landing cost of imported Premium Motor Spirit (PMS) in Nigeria surged to N885 per litre on Wednesday, up from N797 last week, according to the Major Energy Marketers Association of Nigeria (MEMAN).
This represents an increase of N88 per litre and raises concerns about a possible spike in the pump price of petrol at filling stations, which could climb to as high as N1,000 per litre from the current range of N940 to N970.
Meanwhile, Dangote Refinery’s petrol ex-depot price remains at N815 per litre, with retail prices ranging between N860 and N880 per litre at MRS filling stations in Lagos and Abuja. However, the refinery’s recent suspension of sales in naira could influence its pricing structure in the coming days.
As uncertainty looms over petrol prices, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged Nigerians to avoid panic buying. The association also called on the government to sustain its Naira-for-Crude deal with Dangote Refinery while ensuring fair competition in the downstream sector.
Despite speculation that Dangote Refinery’s decision to halt sales in naira is causing panic buying, PETROAN reassured the public that there is no immediate justification for alarm. The association also voiced its opposition to selling petroleum products in dollars within Nigeria’s local market.
