Fluctuations in landing cost and exchange rate of naira to the dollar have impacted heavily on importation of blended Premium Motor Spirit (PMS) from Malta to Nigeria, crashing it by 72 per cent to N1.04 trillion.

Findings revealed that the total volume of recent purchases was lower than the 3.8 billion litres imported from the country by marketers even as monthly blended petrol import in the first half of the year was estimated at 180,000 tonnes (1.08 million litres).

This month, import also dropped to 98 million litres (95,000 tonnes) or 68 per cent from the 289 million litres imported in June 2025 from various channels due to competition by local refiners and foreign products shipped into the country by marketers.

It was also learnt that most of the jetties in Lagos now attend more to local refiners to avoid financial losses arising from fluctuating landing cost of N950 per litre, which has eroded profits for the marketers.

Landing cost charges on PMS in Nigeria include the Freight on Board (FOB) price, freight, insurance, lightering, jetty and storage fees, foreign exchange costs, NPA and NIMASA charges, and customs duties and other levies. It was gathered that the charges fluctuate with market conditions because of oil prices and the exchange rate.

Confirming the recent drop in importation, the Nigerian Ports Authority (NPA)’s Shipping Position revealed that only two vessels were currently moored at Calabar and Pinnacle jetties in Lagos with products. It noted that Princess Oge berthed with 15,000 tonnes at Calabar Port, while Proteus Rebecca laden with 80,000 tonnes has been moored at Pinnacle Jetty in Lagos.

In August, the shipping data explained that only 130 million litres (130,000 tonnes) was recorded at port jetties, while imports were 289 million litres in June. In January 2025, the country’s local refiners produced 1.47 billion litres; February, 1.34 billion litres and March, 1.47 billion litres.

However, between May and June, no fewer than 3.12 billion litres of petrol were produced by the local refiners as Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that a total of 1.44 billion litres (1.44 million tonnes) were produced in June and 1.69 billion litres (1.69 million tonnes) in May 2025, leading to a 14.62 per cent drop in one month.