On Wednesday, the landing price of imported premium motor spirit went up from N797 to N885 per liter.

In its daily energy bulletin published on Wednesday, the Major Energy Marketers Association of Nigeria revealed the increase in the landing cost of gasoline.

The landing cost of petrol last week was N797 per litre, which is an increase of N88.

It is implied that the cost of imported gasoline at Nigerian gas stations could rise from N940 to N970 per liter to roughly N1,000.

The ex-depot price of gasoline from Dangote Refinery was N815 per litre, while the current landing cost is N797. In order to do this, Dangote Petrol is offered for sale at MRS fills for N860 and N880 a liter in Lagos and Abuja.

Dangote Refinery’s decision to stop selling petroleum products in Naira on Wednesday of last week may have an effect on the company’s new pricing structure.

Dangote Petrol and imported fuel prices are predicted to rise in the upcoming days based on developments in the nation’s downstream industry.

Nigerians were cautioned by the Petroleum Products Retail Outlets Owners Association of Nigeria on Tuesday not to make rash purchases due to the unpredictability of petrol prices.

PETROAN requested the Nigerian government to maintain its Naira-for-Crude agreement with Dangote Refinery while also guaranteeing fair competition in downstream pricing.

PETROAN has also taken note of media stories that claim the panic buying is being caused by Dangote Refinery’s temporary stoppage of naira sales.

The statement stated, “We want to reassure the public that this is not a justification for panic buying.”

PETROAN also opposed the local Nigerian market’s practice of selling petroleum products in US dollars.