FINALLY! ! Filling Stations Reduce Fuel Price To This AMOUNT As NNPC, Others Imports Excess Litres
In a significant development for Nigerian consumers, filling stations across the country have started reducing petrol prices, following a noticeable decline in the landing cost of imported fuel. According to data from the Major Energy Marketers Association of Nigeria (MEMAN), the cost of landing petrol has dropped to N975 per litre, down from N977 per litre. This reduction comes as part of broader improvements in the cost of petroleum products, with slight increases in exchange rate stability and better supply dynamics.
The recent adjustment in petrol landing costs has led to a reduction in the prices at various filling stations nationwide. As of November 17, 2024, some petrol stations have slashed prices by up to N70 per litre to align with the new costs. For instance, a Lado petrol station along the Iju- Ishaga axis of Lagos, which was selling petrol at N1, 125 per litre last week, reduced its price to N1, 050. The station’ s manager confirmed that the price change followed directives from the company’ s management, aimed at reflecting the recent shift in fuel landing costs.
This price decrease is consistent with a broader trend in the market, as other petroleum products also saw a drop in their landing costs. Diesel, for instance, is now priced at N1, 085 per litre, while aviation fuel landed at N1, 141 per litre. These reductions have been attributed to the more favorable foreign exchange rate and improved supply conditions, which have helped stabilize costs for importers and marketers.
A recent report from the Organisation of Petroleum Exporting Countries (OPEC) highlighted a significant spike in fuel imports into Nigeria in October 2024, compared to September of the same year. This increase in imports underscores the challenges Nigeria faces in meeting its fuel requirements domestically, despite the government’ s long- term goal to reduce dependency on imported fuel. The data also reveals that between October 1 and November 11, the total volume of petrol, diesel, and aviation fuel imported by NNPC and other marketers was valued at approximately N3 trillion (around $1. 8 billion).
Looking ahead, the Nigerian government continues to push for a more self- sufficient energy sector. Plans to support local refineries, including those owned by Dangote, are expected to reduce the country’ s dependency on fuel imports over the coming years. However, until these refineries operate at full capacity, the country will likely continue to rely on imports to meet its fuel demand.
In conclusion, while Nigerians are seeing a decrease in fuel prices at the pump, largely due to falling landing costs, the broader energy landscape remains complex. Increased imports and ongoing discussions about refining capacity highlight the challenges that still lie ahead for the Nigerian petroleum sector.
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