Success Nwogu The landing cost of fuel to Nigeria has fallen to N935.94 per litre and aviation fuel (Aviation Turbine Kerosene shortened for ATK), N1,117.48/litre; according to a report on the Competence Centre Energy Bulletin of the Major Energies Marketers Association of Nigeria (MEMAN).
The report, which was published yesterday, also showed that the landing cost of diesel (Automotive Gas Oil) has dropped to N1,071.81/per litre. According to the report, the calculation was based on N1,659.37/$1.
The MEMAN report stated that the landing cost is composed of multiple factors, including finance charges calculated at an annual rate of 32 per cent over 30 days, freight costs over 10 days, and Nigerian Ports Authority (NPA) fees covering services like mooring and towage.
It gave the ex-depot price range in Lagos as fuel: N1,029.00/L – NN1,120.00/L; diesel, N1,040.00/LN1,150.00/L, ATK, N1,000.00/L – N1,125.00/L and LPG, N1,005.00/KG.
It added that the Compressed Natural Gas (CNG) price range was: vehicle, N230.00/scm – N450.00/scm. As of last Friday, the landing cost of fuel was approximately N975/litre, according to the MEMAN report.
This adjustment was calculated with an exchange rate of N1,658.93 to the dollar which reflected a decrease from the previous average of N977.45/ litre.
Also the spot landing cost also dropped marginally to N938/litre, indicating modest improvements driven by exchange rate stability and supply dynamics.
