Petrol Landing Cost Hits N1,117 Per Liter
By Sulaimon Salau
Latest report by the Major Energy Marketers Association of Nigeria (MEMAN) has estimated the current landing cost for Premium Motor Spirit (PMS), also known as petrol at N1,117 per liter.
Currently, petrol is sold for between N165 per liter to N185 per liter at the filling stations depending on the location. This, compared with the landing cost of N1,117 per liter indicated that there is still a subsidy on the product in order to stabilise the domestic price.
The report, obtained by Slye News revealed that the Automated Gas Oil (diesel) landing cost is N1,157 per liter, while Aviation Turbine Kerosene (ATK) is N1,217 per liter as at the same period.
The estimates include the administrative cost and freight cost among others.
MEMAN, which is the umbrella body of major marketers in Nigeria, said it would henceforth publish the landing cost data on a daily basis.
The Executive Secretary of MEMAN, Clement Isong encourages the private sector to invest in benchmarking, adding that there must be free flow of marketing information.
He said henceforth MEMAN will be publishing petroleum products landing cost of PMS, ATK, and AGO on daily basis, newsletter on weekly basis, quarterly industry report and yearly reports.
Isong said the MEMAN advocacy is to promote the sustainability of (HSSEQ, equitable recompense, energy accessibility/affordability, value creation and innovation) of the energy industry in collaboration with all stakeholders, contributing towards national economic growth.
He added that its commitment to the industry is to promote transparency, compliance and fair practices in the industry.
MEMAN comprises major fuel marketers – 11plc (Mobil), Total, NNPC, MRS, Conoil, and AP.
