Nigeria's petrol landing cost has reached N1,314.67 per litre, according to recent data from the Major Energies Marketers Association of Nigeria (MEMAN). This significant increase is attributed to rising global crude oil prices, which are nearing the $100 per barrel mark, compounded by escalating tensions in the Middle East, particularly between the US and Iran.

In response to these developments, several depots across the country have adjusted their ex-depot petrol prices for the second time within a week. Despite the rising import costs, petrol continues to be sold below the landing cost at various points in the supply chain. For instance, as of Thursday, depots such as Integrated, Ascon, and Sahara were offering petrol at N1,280 per litre, while the Dangote Refinery priced its petrol at N1,265.50 per litre. This leaves the MEMAN landing cost N34.67 above the average depot price in Lagos and N49.17 higher than the price set by the Dangote Refinery.

In Abuja, petrol prices at filling stations ranged from N1,310 to N1,350 per litre, reflecting the ongoing adjustments in the market. The rising costs of diesel also follow a similar trend, with the landing cost reported at N1,850.66 per litre, aligning closely with current depot prices.

As the situation unfolds, the Nigerian fuel market faces increasing pressure from both domestic and international factors. The adjustments in petrol prices at filling stations highlight the impact of global market dynamics on local economies, prompting consumers to brace for further changes in fuel costs as the geopolitical landscape evolves.