New Petrol Prices Emerge As Landing Cost Rises As Brent Crude Jumps
- MEMAN data showed Nigeria’s estimated petrol landing cost climbed by N7.04 per litre
- Brent crude and WTI both surged as tanker attacks disrupt oil flows through the Strait of Hormuz
- Dangote Refinery and depot petrol prices across Lagos, Warri, Calabar and Port Harcourt
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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.
Nigeria’s estimated petrol import parity price climbed to N1,253.40 per litre on October 19, up from N1,246.36 on October 16, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).
The N7.04 rise represents a 0.56% increase in the spot import parity price at the ASPM jetty in Apapa, as captured in MEMAN’s Energy Bulletin.
Source: Facebook
The October 16 bulletin recorded a seven-day average import parity price of N1,292.88 per litre and a 30-day average of N1,325.38 per litre.
At the NPSC jetty, also in Apapa, the spot price stood at N1,245.36 per litre on the same date.
Import parity pricing calculates what it would cost to source and deliver imported petroleum products to local terminals, factoring in international refined-product prices, freight charges, exchange rates and financing costs.
These figures act as a benchmark for replacement costs but do not reflect what motorists pay at the pump.
Dangote Refinery and depot prices
MEMAN’s October 16 bulletin showed Dangote Refinery selling petrol at N1,305 per litre for coastal transactions and N1,325 per litre at the gantry.
Ex-depot prices in Lagos ranged from N1,335 to N1,350 per litre on the same date.
Other cities recorded slightly higher depot prices. In Warri, petrol traded between N1,345 and N1,350 per litre, while Calabar saw prices of N1,354 to N1,355 per litre.
Port Harcourt recorded prices between N1,344 and N1,350 per litre.
Movements in landing costs do not automatically produce matching shifts in depot or pump prices, since existing stock values, distribution expenses and supplier decisions all shape domestic pricing outcomes.
Global crude prices push higher
International oil markets added pressure to supply costs on October 20, with Brent crude rising 1.59% to $111.30 per barrel by 11:35 a.m. West Africa Time, while US West Texas Intermediate gained 2.16% to reach $100.70 per barrel.
The surge followed reports of at least 18 tanker attacks over two weeks, according to data from ship-tracking firm Kpler cited by Reuters.
Source: UGC
Kpler also reported that average daily oil flows from the Persian Gulf had dropped sharply to 8.5 million barrels, compared with more than 20 million barrels daily roughly two weeks earlier.
The disruptions to shipments through the Strait of Hormuz have fuelled traders' concerns about the reliability of global crude supplies.
NNPC announces new petrol price
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has pushed petrol prices up to N1,405 per litre at its filling stations, lifting the pump price by N35 from the previous rate of N1,370 per litre.
Filling station attendants were reportedly informed of the change over the weekend, with the new price taking effect the following day.
The final price at the pump may rise further once transportation, distribution costs, and other operational expenses are factored in.
Source: Legit.ng
