The cost of importing Premium Motor Spirit (petrol) into Nigeria has dropped to ₦797.66 per litre, down from ₦817.82 per litre last week. This comes as oil marketers consider reducing fuel purchases to cut losses.
The price war in the downstream oil sector continues, with Dangote Refinery lowering its loading cost from ₦825 to ₦815 per litre last week. This forced private fuel depots to reduce their prices to stay competitive.
Industry experts warn that the ongoing price drop is causing huge financial losses for oil marketers and importers, with estimated losses of ₦2.5 billion daily and ₦75 billion monthly. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for fuel price adjustments to be regulated every six months, but no decision has been made yet.
Despite the price drop, concerns remain over potential disruptions in the fuel market, especially between the Nigerian National Petroleum Company (NNPC), Dangote Refinery and private depot owners. The fluctuating cost is influenced by global oil prices, exchange rates and geopolitical factors, making stability in the sector uncertain.