LAGOS: Felicia Udeji Reporting
Oil Marketers have Revealed N80 Margin in a recent development that brings some relief to Nigerian oil consumers.
Fuel prices have dropped, with petrol now selling at N1,120 per litre, marking an N80 reduction from the previous N1,200.
“This decrease follows a reduction in landing costs, which fell to N939.86 per litre on November 1, 2024, from N981 per litre in September, according to data from the Major Energies Marketers Association of Nigeria (MEMAN),” Legit said.
This shift comes as the price of petrol at Mobil filling stations in Lagos along the Ogba axis now ranges from N1,080 to N1,120 per litre, making Mobil’s prices about N40 lower than those at the NNPC.
This price adjustment has created a notable gap between the prices of independent oil marketers and those of major players like Dangote and NNPC. MEMAN, which releases monthly fuel landing costs, calculated November’s figures using an exchange rate of N1,651.78 per dollar.
The association estimates the cost of importing fuel into Nigeria at N973.33 per litre, and for diesel and aviation fuel, the costs stand at N1,072.88 and N1,123.14 per litre, respectively.
Ex-depot prices, the cost at which fuels are sold from depots to retail stations, were also reported by MEMAN. In Lagos, ex-depot prices range between N850 and N1,120 for petrol, N940 and N1,150 for diesel, and N900 to N1,400 for aviation fuel, reflecting a slight drop since September.
Additionally, MEMAN shared updated prices for other energy products like LPG (liquefied petroleum gas), commonly known as cooking gas, and CNG (compressed natural gas). As of November, LPG was priced at N1,005 per kilogram, while CNG stood at N230 per standard cubic meter (scm) and N490.
A manager at a Mobil station in Lagos, identified as Olakunle John, explained the reasoning behind the lowered prices, noting that the ex-depot price recently fell.
“I think the management decided to be competitive and crashed the price below the one sold by the NNPC. As you can see, our prices are about N40 lower than that of the NNPC,” he stated.
This competitive pricing shift highlights the dynamic market changes and oil marketers’ responsiveness to supply chain fluctuations.
For Nigerian consumers, who have faced high fuel costs amid fluctuating exchange rates and inflation, this reduction provides some much-needed financial reprieve.
However, ongoing monitoring will be essential, as global oil prices, exchange rate movements, and importation costs continue to influence the local fuel market.