By: Tijani Salako.
Major Energies Marketers Association of Nigeria, MEMAN, has released its Energy Bulletin for the month-on-month showing a surge in estimated import parity costs for petrol and a widening gap between landing costs and domestic gantry prices.
According to the MEMAN’s bulletin from Industry Competency Centre, (ICC) the 7-days average price of global crude benchmarks rose, with Brent averaging $101.48 per barrel, WTI at $97.26 per barrel and Bonny Light at $113.98 per barrel. ICE Futures EUR also averaged $1,456.86 per metric tonne.
The increase in crude prices has pushed up import parity costs. MEMAN put the 7-day average import parity price into tank at NPSC/ASPM Jetty in Apapa at N1,334.29 per litre for PMS, N1,875.18 per litre for AGO (diesel) and N1,765.87 per litre for ATK (aviation fuel).
On spot basis, the cost is even higher. The bulletin shows PMS spot price at ASPM at N1,420.69 per litre and NPSC-NOJ at N1,419.68 per litre, while AGO spot is N1,894.43 per litre and ATK spot at N1,851.10 per litre.
This comes as Dangote Refinery maintained competitive domestic prices. The bulletin lists Dangote PMS coastal price at N1,330.00/L and gantry price at N1,350.00/L; AGO coastal at $1,566.50/MT and gantry at N1,850.00/L; ATK coastal at $1,609.75/MT and gantry at $1,639.75/MT; and LPG gantry at N925,000.00/MT. All gantry prices are inclusive of NMDPRA charges.
On foreign exchange, the 7-day average rate stood at N1,324.61 to a dollar, with the naira trading in a narrow band around N1,326 after an early-week spike.
MEMAN also reported ex-depot price ranges across depots. In Lagos, PMS ranged between N1,351.00 and N1,353.00 per litre, AGO between N1,830.00 and N2,000.00 per litre, and ATK between N1,800.00 and N1,930.00 per litre. Similar ranges were reported in Warri, Calabar and Port Harcourt.
CNG price for vehicles was put at N380.00/scm to N500.00/scm.
On the stock market, energy equities were largely flat, except Aradel which gained 9.62% to close at N1,550.00 and Oando which rose 1.47% to N34.50. Seplat closed at N14,907.80.
However, the regional comparison by GlobalPetrolPrices cited in the bulletin shows Nigeria still has the cheapest petrol pump price in West Africa at N1,395.00 per litre, compared to Sierra Leone at N2,359.49, Senegal at N2,326.33 and Ghana at N2,088.27. For diesel, Nigeria’s pump price at N1,903.00 per litre ranks 5th cheapest, below Sierra Leone at N2,696.37 and Ghana at N2,004.04, but above Ivory Coast at N1,702.97.
MEMAN noted that its import parity calculation is based on Platts benchmark, 38,000MT for PMS, CBN weighted average exchange rate, 32% finance charge per annum, freight from Lome to Apapa, and statutory charges including NIMASA and NMDPRA levies.
The bulletin underscores continued pressure on fuel import costs driven by crude and FX movements, while local refining from Dangote is helping to moderate gantry prices.
