The importation of Premium Motor Spirit (PMS) into Nigeria is to gulp extra cost of over N2.369 billion per day from Federal Government and marketers as the landing cost for fuel has soared to N212.7 per litre.
This came as oil prices hit their highest levels since July 2015 with Brent reaching $58.37 and $55.24, before paring gains on the strong dollar.
Buoyed by this, the Federal Government, checks by New Telegraph showed yesterday, is already mulling total deregulation of the downstream sector.
While the modulated bracket of N135-N145 is given as official price for fuel, checks showed that extra N67.7 is incurred on over 35 million litres daily imports as the landing cost soared to N212.7 per litre.
Head of Energy Research at Ecobank, Dolapo Oni, stated that the landing cost for PMS was N165 per litre for a $52 per barrel price.
“When oil price was at $52 dollars per barrel, the landing cost was N165 per barrel, later when it was $55, the price soared to N210 per litre,” the financial analyst said.
Now that it is $58 per barrel, the landing cost hovers around N213 per litre, checks by New Telegraph showed.
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