Utweets
The Major Energies Marketers Association of Nigeria (MEMAN) says the landing cost of imported premium motor spirit (PMS) dropped to N797.66 per litre on Monday.
MEMAN, in its daily energy bulletin, said the figure represents a reduction of N20.16 from the N817.82 per litre landing cost recorded on March 14.
According to the report, the on-the-spot rate at the NPSC-NOJ terminal dropped to N797.73 per litre from N817.9 charged in the previous week.
It added that the average cost for 30 days also dropped to N851.76 from N854.15 per litre.
MEMAN also said the price of Brent crude was benchmarked at $70.58 per barrel — up from the $69.88 quoted on March 14.
The group said while the exchange rate stood at N1,517.93 per dollar, the product quantity was calculated as 38,000 metric tonnes by the marketers.
“International Petroleum Product Pricing is currently experiencing significant volatility due to geopolitical and economic factors, including events in the Middle East, China’s market dynamics, seasonal variations, production status, and other global influences,” the report said.
“The foreign exchange rate remains fairly stable, with minimal fluctuations observed over recent periods.
“Landing cost, being fundamentally influenced by these elements, is likely to change several times intra-day.
“Savings can be achieved through negotiation, access to foreign exchange, and logistics efficiencies, eq., eliminating STS where possible or receiving larger cargos.”
The report showed that Dangote Petroleum Refinery’s price also reduced at its loading gantry, also known as ex-depot price.
The loading cost of the refinery’s petrol dropped from N825 per litre to N815, MEMAN said.
On March 2, the Dangote refinery announced plans to refund oil marketers who purchased petrol rates higher than the advertised prices from any of its key partners.
The refinery said its partners include AP (Ardova Plc), Heyden, and MRS Oil.
Prior to the development, the refinery announced a slash in its ex-depot price of petrol to N825…CONTINUE READING>>
