Major oil marketers under the aegis of the Major Energies Association of Nigeria (MEMAN) have revealed that the landing cost of imported petrol has increased by N88 per litre in one week amid reports of an increase in the importation of the commodity.
According to reports, MEMAN confirmed in its daily energy bulletin on Wednesday, March 26, 2025, that the increase was from N797 per litre last week to N885 per litre this week, a situation it argues is expected in a deregulated environment.
The new landing cost is N25 higher than the N860 that end-user customers pay for Dangote petrol from MRS, other partners, and the Nigerian National Petroleum Company (NNPC) Limited retail outlets.
This is coming barely a week after Dangote refinery had announced that it would stop the domestic supply of petrol in naira due to the suspension of the naira for crude by the NNPC.
It stated that the temporary decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.
PETROAN opposes sale of petrol in dollars by Dangote
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) had rejected the decision by the Dangote refinery to sell refined petroleum products in dollars.
The National President of the association, Billy Gillis-Harry, had during a chat with journalists, urged the Federal Government not to allow the Dangote refinery to sell petrol in dollars to Nigerian marketers.
Billy Gillis-Harry said the announcement created tension among marketers who now panic-buy petrol over fear of possible scarcity or price surge.
According to him, allowing the sale of fuel in dollars will hurt the economy, bring undue pressure and worsen inflationary pressure.
He said, “PETROAN opposes the sale of petroleum products or any other products within Nigeria in dollars. We believe that such a practice would have an adverse impact on the economy, bringing undue pressure on foreign currency and exacerbating Nigeria’s already challenging inflationary situation.
“We urge the government to ensure that all transactions within the country are conducted in the local currency, the naira, to protect the economy and the welfare of Nigerians.’’
Credit: NairaMetrics
Discover more from Ayobami Blog
Subscribe to get the latest posts sent to your email.
