Fuel Price May Drop Further As Landing Cost Drops To N774/litre

The cost of landing premium motor spirit (fuel) has decreased to N774.82 per litre, which is less than the ex-depot price of fuel from Dangote Refinery, pegged at N825 per litre, as per the most recent daily energy data from the competency centre, published by the Major Energies Marketers Association of Nigeria (MEMAN).

Information from MEMAN reveals that the estimated import parity into storage tanks has fallen to N774.82 per litre, marking a decline of N152.56 or 16.5 percent from the N927.48 per litre reported on February 21, 2025, concerning petrol.

This shift occurs as the downward trend in global oil prices continues, with Brent Crude reducing its value to $70 and US WTI dropping to $66.70 as of the morning of Wednesday, 12 March, 2025, compared to approximately $76 and $69 in February.

The decline in worldwide crude oil prices suggests that fuel costs could decrease further to about N800 per litre, down from the current lowest retail prices of N860 and N880 per litre in Lagos and Abuja in the near future.

It may be recalled that at the start of March and in the preceding month, the Nigerian National Petroleum Company Limited and Dangote Refinery lowered their retail petrol prices to N860 and N880 per litre in Lagos and Abuja.

In response, Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, commented that petrol prices might decrease to N800 per litre.

“Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre.”

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