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Imported petrol prices plunge below Dangote’s refinery costs as global crude prices dropDiesel and aviation fuel also see significant declines in landing costs, enhancing competitionExperts predict further price cuts could bring petrol below N1,000 per litre soon
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The cost of importing Premium Motor Spirit (PMS), popularly known as petrol, has fallen sharply, raising fresh expectations of lower pump prices across Nigeria as global crude oil prices continue to decline.
Industry data shows that the landing cost of imported petrol has now dropped below the price of fuel supplied by the Dangote Refinery, highlighting the impact of easing international oil prices on the downstream petroleum market.
Imported petrol price crashes by N60 per litre, lower than Dangote’s rate. Credit: Picture Alliance/ContributorSource: Getty Images
The development comes after weeks of declining crude oil prices following improved tanker movement
