Importers of Premium Motor Spirit (petrol) may lose an average of N2.5bn daily and N75bn monthly following the latest PMS price reduction announced by the Dangote Petroleum Refinery.
Findings by The Punch revealed that the average landing cost of petrol as released by industry players is over N100 higher than the new ex-depot price of petrol at the Dangote refinery.
The Dangote refinery announced a reduction in the ex-depot (gantry) price of petrol by N65, from N890 to N825 per litre, effective from Wednesday, February 27.
This was the second price reduction in the new year, and the third one in a space of two months. It disclosed that Nigerians will now buy at new prices from its partners nationwide, including MRS, Heyden, and Ardova.
The PUNCH reports that the new Dangote price came to marketers at a huge cost as they may be forced to sell petrol far below their costs.
According to the Major Energies Marketers Association of Nigeria, the landing cost of petrol as of last week was N927 per litre.
