The cost of importing premium motor spirit, popularly known as petrol, into Nigeria has increased to N885 per litre, up from N797 per litre recorded last week.
The Major Energy Marketers Association of Nigeria (MEMAN) confirmed this rise in its daily energy bulletin released on Wednesday. This marks an increase of N88 per litre within a week.
With this increase, petrol prices at filling stations may soon go beyond N1,000 per litre, up from the current range of N940 to N970 per litre.
At the moment, the landing cost of petrol stands at N797 per litre, while Dangote Refinery’s ex-depot price is N815 per litre. This has resulted in retail prices at MRS filling stations in Lagos and Abuja ranging from N860 to N880 per litre.
Notedly, Dangote Refinery recently announced its decision to stop selling petroleum products in naira and this could affect its price template, possibly leading to further price increases.
Wonders and the politics in the oil sector in Nigeria. When is this nonsense in the oil sector going to stop.