The cost of importing petrol into Nigeria has dropped to N900.28 per litre, marking a 3.62% decrease from last week’s N936.75 per litre, according to energy marketers, SAVANNAH NEWSNOW REPORTS.
The cost briefly fell to N890.43 per litre earlier in the week before stabilizing at its current rate.
Approximately 121.1 million litres of petrol were imported over the past 72 hours, with four vessels docking at ports in Lagos, Rivers, Warri, and Calabar.
This decrease in landing costs provides some relief amid ongoing volatility in crude oil prices and foreign exchange rates.
However, despite the drop in import costs, retail petrol prices remain high, with imported products priced lower than domestically refined fuel.
Analysts attribute these persistent challenges to the fluctuating crude oil prices and exchange rates. As of now, Brent crude is trading at $73.52 per barrel, while the naira exchange rate against the dollar hovers around N1,533.
