Landing Cost Of Diesel Rises To N1,136.97/l

The landing cost of diesel (AGO) to Nigeria has risen to N1,136.97 and that of aviation fuel (JetA1) has also increased to N1,101.77/L.

These were contained in a Competence Centre energy bulletin of the Major Oil Marketers Association of Nigeria (MEMAN) released yesterday.

As of Monday diesel price had dropped to N1,117.62 per liter from N1,120.22 per liter last Friday while that of aviation fuel (JetA1) reduced to N1,086.95per liter from N1,089.87 per litre last Friday.

The report yesterday added that the stock market prices of some companies were: Conoil, N144.00; (static); Eterna, N25.40 (increase of 9.56%); Geregu, N1,000 (no change); MRS, N132.70 (no change); Oando, N57.85 (increase of 9.98%); Seplat N3.730.10 (no change); Total, N619.30 (increase of 10%) and Transpower, N335.20 (no change).

Meanwhile, crude oil prices fell yesterday after a smaller-than-expected draw in U.S. crude stockpiles and as concerns over Chinese demand persisted, though losses were capped by supply risks in the Middle East and Libya.

According to Reuters, Brent crude futures fell by 62 cents, or 0.78 per cent, to trade at $78.93 a barrel while U.S. West Texas Intermediate crude futures dimmed by 66 cents, or 0.87 per cent, to trade at $74.87.

Reuters noted that prices lost more than two per cent on Tuesday, having gained seven per cent over the previous three days to more than $81 a barrel for Brent and $77 for WTI.