The cost of petrol imported into Nigeria has dropped to N1,164.06 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN).
According to MEMAN’s energy price bulletin, import parity stood at N1,164.06 per litre as of November 5, down from N1,189.86 per litre recorded the previous day.
This means that the cost of imported petrol declined by N25.80, representing a 2.17 per cent reduction.
The development comes as Dangote Refinery’s gantry price stood at N1,215 per litre, higher than the current import parity price.
Reports said that Brent and West Texas Intermediate (WTI) crude oil prices declined by 2.31 per cent and 1.93 per cent to $90.43 and $85.17 per barrel, respectively, amid falling oil prices following the de-escalation of the Iran war.
The decline in crude oil prices could trigger further reductions in domestic petrol prices in the coming days as competition between local refiners and fuel importers intensifies.
Except for Nigerian National Petroleum Company Limited (NNPCL) filling stations, which sell petrol at N1,325 per litre, other outlets dispense the product at prices ranging between N1,395 and N1,420 per litre.