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Fuel landing cost has dropped to N939.86 as of November 1, 2024 from N945.63/litre as of September 27. The fuel landing cost was N981/litre on September 25, 2024.
These are according to reports from the Major Energies Marketers Association of Nigeria (MEMAN). According to the report released yesterday, the landing costs of diesel on November 1, 2024 was 1,048.88 while that of ATK was 1,117.94.
MEMAN calculated it using foreign exchange rate of $1/ N1.651.78. It gave estimated import pariy into tank costs as for fuel, N973.33/L (Average 30 days), spot, N957.18/L; diesel, N1,072.88/l, spot, N1,077.83/L and ATK, N1,123.14/L (average 30 days); spot N1,132.91/L. It also stated that exdepot price in Lagos range for fuel (N850.00/L –N1,120.00/L; diesel, N940,00/L – N1,150,00/L, ATK: N900.00/L – N1,400.00/L; LPG, N1.005.00 – N1,100.00/KG and CNG Price range for vehicles N230.00/ scm –N490.00/scm.