Fuel importation has plunged by 71 per cent following production of 1.08 billion litres (1.08 million tonnes) of Premium Motor Spirit (PMS) by local refineries as against the 312,612 tonnes (312.6 million tonnes) or 29 per cent imports in November 2024.
Findings revealed that locally refined product in the last one month was valued at N1.11 trillion, while imported PMS ferried by 12 vessels was N320.4 billion.
Also, it was learnt that local fuel production would further increase in December by 1.45 billion; January 2025, 1.47 billion litres; February, 1.34 billion litres and March and 1.47 billion litres.
At Lagos Port jetties in November, data by Nigerian Ports Authority (NPA)’s Shipping Position revealed that Amirah ferried 15, 000 tonnes; Mycroft, 27,000 tonnes; CL Jane Austen, 38,000 tonnes; Voula, 60,110 tonnes; Agios Nikolaos, 37,683 tonnes; Zobu Start, 20,000 tonnes; Advantage Portocervo, 60,000 tonnes; Stena Impero, 18,000 tonne; Shamal Rhedors, 26,000 tonnes; Mycroft Rhedors, 26,000 tonnes; Ashabi, 20,000 tonnes and Iasonas, 18,919 tonnes.
In October, 16 vessels offloaded 392.7 million litres (392, 974 tonnes) of petrol when imports from Antwerp Port in Belgium to Lagos Port was 1.38 billion litres.
Meanwhile, the average landing cost of petrol has dropped to N940.59 per litre, according to Competence Centre Daily Energy Bulletin of the Major Energies Marketers Association of Nigeria.
The publication which was released yesterday also revealed that the average landing cost of diesel was N1,071.75 per litre while that of Aviation Turbine Kerosene (ATK) also known as Jet A1 was N1,124.13/L.
According to MEMAN, the ex-depot prices range for Lagos: petrol, N970 – N1,050.00/L; diesel, N977.00/L – N1,150.00/L; ATK, N900.00/L – N1,150.00/L and Liquefied Petroleum Gas (LPG), N1,005.00/KG – N1,175.00/ KG while the price range of Compressed Natural Gas (CNG) vehicles stood at N230.00scm – N450.00/scm.
It stated that it used foreign exchange rate of N1,533.57/$1, brent crude oil price of $73.91/barrel; average petrol/week, $702.71/ metric ton; ICE Futures Europe – US Gasoil Futures, $685.75/metric ton and E10 Blended fuel price: $678.34/ metric ton.
It also said that the landing cost into Apapa/ ASPM jetty was calculated based on some assumption which included Jetty, product quantity, product cost-average premium, exchange rate, finance charges, freight (STS) and related charges, charges of Nigeria Ports Authority S/metric ton; the Nigerian Maritime Administration and Safety Agency, (NIMASA); the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other costs.
