Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:

Archive:

  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

Petrol Landing Cost Jumps To 186, Oil Hits $64

Published by Nairaland on Tue, 23 Feb 2021


<blockquote>Against the backdrop of the rising price of oil prices , the landing cost of Premium Motor Spirit ( petrol) imported into Nigeria has increased to N 186. 33 per litre .<br><br>The PUNCH had exclusively reported on February 9 that the landing cost of PMS rose to about N180 per litre on February 5 from N 158 .53 per litre on January 7 .<br><br>Crude oil price accounts for a large chunk of the final cost of petrol , and the deregulation of petrol price by the Federal Government last year means that the pump price of the product will reflect changes in the international oil market.<br><br>Going by the petrol pricing template of the Petroleum Products Pricing Regulatory Agency , the landing cost of petrol rose to N186 . 33 per litre on February 16 , with the pump price of the product expected to be N209 .33 per litre.<br><br>The international oil benchmark, Brent crude, closed at $ 63 . 96 per barrel on February 16 , up from $ 59 . 34 per barrel on February 5 .<br><br>The rising price of crude oil pushed the cost of petrol quoted on Platts to $ 560 .75 per metric tonne (N 163. 08 per litre , using N390 / $ 1 ) on February 16 from $ 543 . 25 per metric tonne ( N157 .99 per litre) on February 5 .<br><br>Other cost elements that make up the landing cost include freight ( N10 . 29 ), lightering expenses ( N4 .57 ) , insurance cost ( N0 .25 ) , Nigerian Ports Authority charge (N 2 .38 ) , Nigerian Maritime Administration and Safety Agency charge ( N0 . 23 ), jetty throughput charge (N 1 .61 ) , storage charge ( N2 . 58 ), and financing ( N1 . 33 ).<br><br>The freight cost increased to $ 35 . 41 per MT ( N10 . 29 per litre) last Wednesday from $ 30 .04 per MT ( N8 .74 per litre ) on February 5 .<br><br>The pump price is the sum of the landing cost, wholesale margin and the distribution margins. The wholesale margin is N4 . 03 while the distribution margins comprise transporters allowance ( N3 . 89 ), retailer ( N6 . 19 ), bridging fund ( N7 . 51 ), marine transport average (N 0 .15 ) , and admin charge (N1 . 23 ).<br><br>Apart from the changes in global crude oil prices , the exchange rate of naira to the dollar also affects the cost of imported petrol .<br><br>The cost of petrol would be higher if the 410/ $ 1 rate at which the naira closed on Monday at the Investors and Exporters Foreign Exchange Window was used. The naira closed at 480 / $ 1 at the parallel market.<br><br>The Nigerian National Petroleum Corporation, which has been the sole importer of petrol into the country in recent years, is still being relied upon by marketers for the supply of the product despite the deregulation of the downstream petroleum sector .<br><br>Oil marketers said recently that they were ready to resume importation of petrol if the foreign exchange was made available to them at a competitive rate .<br><br> The discussion we should be having today is how best to maximise the benefits of the removal of price controls and subsidies while minimising the adverse effects of this action on our citizens,the Chairman , Major Oil Marketers Association of Nigeria , Mr Adetunji Oyebanji, said at a virtual press briefing.<br><br>Brent crude, against which Nigerias oil is priced, rose by $ 1 . 67 to $ 64 .58 per barrel as of 6 :08 pm Nigerian time on Monday .</blockquote><a href="https://punchng.com/petrol-landing-cost-jumps-to-n186-oil-hits-64/">https://punchng.com/petrol-landing-cost-jumps-to-n186-oil-hits-64/</a>
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs