The landing cost of imported fuel fell to N827.24 while the average for 30 days was N827.04/L according to the Energy Bulletin from the Competence Centre of the Major Energies Marketers Association of Nigeria (MEMAN) for Monday released on Tuesday.
It also stated that the landing cost for diesel was N972.33 while for the average of 30 days was N972.67/L and that the landing cost of aviation fuel (ATK) was N984.01/l while that of the average for 30 days was N962.37/L.
The report stated that for Dangote fuel prices, coastal price was $764.50MT, while gantry price was N877.00/L; for Diesel, coastal price was $739.25MT while Gantry price was N910.00/L and ATK coastal price was $798.75MT while Gantry price was N1,002.94/L.
But the average landing cost of fuel as of October 30 was N829.77 per litre. This showed a further decline in the landing cost, which was an average of N849.61 on October 13, N847.61 on October 14, N841.54 on October 20, and N839.97 per litre on October 21.
However, fuel prices had not reduced but ranged between N915 and N925 in some parts of Lagos.
According to Petroleumprice.ng, Pinnacle’s ex-depot price was N872; NIPCO, N872; Matrix Lagos, N872; AA Rano and Aiteo, N871; Ardova, N872; Emadeb, Integrated and RainOil, N873; Eterna, N874; Bono and Gulf Treasure, N875; and Prudent, N890.
Landing cost refers to the total cost of a product or shipment once it has arrived at its destination. It includes: purchase price, freight charges (transportation), insurance, duties and taxes as well as other costs (handling, storage, etc.) Landing cost gives a comprehensive view of the total expense involved in bringing a product to its final destination.
Meanwhile, according to Oil.price.com, oil prices fell yesterday as concerns about oversupply increased after OPEC’s decision to pause supply hikes and as a stronger U.S. dollar eased buying from holders of other currencies.
It stated that as of 8:44 a.m. the U.S. benchmark price, WTI Crude, was flirting with the sub-$60 a barrel price it reached two weeks ago after the Trump Administration slapped sanctions on Russia’s biggest oil firms, Rosneft and Lukoil. It added that the U.S. benchmark crude futures were trading down by 1.44% at $60.17
It also reported that the international benchmark, Brent Crude, slipped below $65 per barrel as it was down by 1.22% on the day at $64.10.
“(The) market may see this as the first sign of acknowledgement of potential oversupply situation from the OPEC+ front, who have so far remained very bullish on demand trends and ability of market to absorb the extra barrels,” Suvro Sarkar, energy sector team lead at DBS Bank, told Reuters yesterday.
“After weak trading on Monday during which traders sought to decipher what OPEC’s latest move means, speculators appeared to have decided by Tuesday that the pause in output hikes is bearish as OPEC+ is likely seeking to prevent a price collapse in case the glut fears materialize.
“On Sunday, the eight OPEC+ producers who have been withholding supply to the market decided to pause their reversal of the production cuts in the first quarter of 2026, after a small increase in December. Citing “seasonality” and historically weaker demand in the first quarter of any year, OPEC said it would halt the production increases in January, February, and March,” it reported.
