Petrol imported into Nigeria has become more expensive than fuel produced locally, specifically by the Dangote Petroleum Refinery, adding to industry operators' mounting calls for the government to end fuel importation.
According to recent statistics from the Major Energies Marketers Association of Nigeria (MEMAN), the spot landed cost of imported Premium Motor Spirit (PMS) reached N1,223.32 per litre on July 29, above the Dangote refinery's gantry price of N1,215 per litre.
According to the numbers, merchants are now paying more to import petrol into Nigeria than to obtain it locally from the Lekki refinery, which produces 650,000 barrels per day.
MEMAN's most recent Energy Bulletin also revealed that Brent crude averaged $90 per barrel throughout the review period.
At the same time, the naira traded at an average exchange rate of N1,367.03 to the US dollar.
