Marketers Announce New Petrol Prices Across Nigeria
- MEMAN’s latest bulletin highlights variations in ex-depot fuel prices across Nigerian cities
- The price changes include PMS, diesel (AGO), aviation fuel (ATK), and CNG
- The report shows PMS sells for about N1,700 and N2,300 per litre, influenced by exchange rates and other costs
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Major Energies Marketers Association of Nigeria (MEMAN) has revealed the latest changes in Premium Motor Spirit (PMS) also known as petrol prices across depots nationwide.
In its latest bulletin, MEMAN revealed that Nigeria’s estimated petrol import cost climbed above N1,380 per litre at the start of April from about N971 per litre recorded at the end of March.
Source: Getty Images
It noted that the new price follows rise in brent crude which traded around $108 per barrel, while West Texas Intermediate (WTI) hovered near $100, supporting higher refined product prices across international markets.
Nigeria’s Bonny Light crude was also quoted above $100 per barrel.
Ex-depot is the price paid by marketers.
Ex-depot petrol price changes
According to the report, ex-depot prices in Lagos for PMS in April opens at N1,218.50 per litre, compared with about N1,215–N1,300 per litre on March 31.
In Warri, PMS ex-depot prices were about N1,250 per litre, compared with a March 31 range of N1,215–N1,300 per litre.
In Calabar and Port Harcourt, PMS ranged around N1,235 to N1,335 per litre, similar to March 31 levels of N1,235–N1,300 per litre.
PMS import parity estimates ranged between N1,700 and N2,300 per litre, up from March 31 averages of N971.50 per litre and spot levels near N1,177 per litre.
AGO import parity rose from N1,437.31 per litre on March 31 to N1,501.88 per litre, while ATK increased from N1,536.86 per litre to N1,715.96 per litre.
These estimates incorporate factors such as Platts benchmarks, freight charges, insurance, landing costs, and prevailing exchange rates.
Source: Getty Images
Regional pump price comparisons
MEMAN’s report also compared pump prices across West African countries using data from GlobalPetrolPrices.com, showing Nigeria among markets with relatively lower or mid-range pricing when compared with some neighboring countries such as Sierra Leone, Senegal, and Ghana.
Snapshot of ex-depot prices
- Lagos PMS (Petrol): N1,218.50 – N1,300.00 per litre
- Lagos AGO (Diesel): N1,780.00 – N1,955.00 per litre
- Lagos CNG (Vehicles): N300.00 – N500.00 per scm
- Warri PMS (Petrol): N1,250.00 – N1,300.00 per litre
- Warri AGO (Diesel): N1,800.00 – N1,850.00 per litre
- Calabar PMS (Petrol): N1,235.00 – N1,300.00 per litre
- Port Harcourt PMS (Petrol): N1,235.00 – N1,300.00 per litre
- Port Harcourt AGO (Diesel): N1,350.00 – N1,850.00 per litre
- LPG (Cooking Gas): N845.00 – N1,050.00 per kg
NNPC petrol prices
Earlier, Legit.ng reported that Nigerian National Petroleum Company Limited (NNPCL) retail outlets have reduced their Premium Motor Spirit (PMS), also known as petrol.
The changes come three days after Dangote Refinery reduced its petrol gantry price by N85 to N1,200 per litre from N1,285.
Petrol is now selling at N1,255 per litre, down from N1,330, representing a reduction of N75.
Source: Legit.ng
