Jubilation as more petrol land in Nigeria, marketers speak on price crash

• Two ships carrying 40,766,400 liters of gasoline landed at Lagos port, according to the Nigerian Ports Authority
• The administration stated that ten ships would arrive at the port with a variety of items, including used cars
• NPA announced that two vessels will be arriving with 600 used automobiles in addition to one carrying 600 new cars

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigerian Ports Authority has said that two ships carrying 40,766,400 liters of PMS, or Premium Motor Spirit, landed at Tincan Island Ports in Lagos State on Friday.

NPA stated that two vessels will be arriving with 600 secondhand cars. Photo Credit: Contributor
Source: Getty Images

NPA further stated that between Friday, November 1, 2024, and November 8, 2024, ten ships carrying various goods, including used cars, would arrive at the port.

According to the NPA's "Daily Shipping Position," which The Punch was able to view on Friday, three of the ten vessels anticipated during this time frame would be arriving with automobiles.

In addition to one vessel carrying 600 new cars, NPA stated that two vessels will be arriving with 600 secondhand cars.

It said that other consignments, such as bulk wheat, containers, and AGO (diesel), would be delivered by the remaining five vessels.

“The nine expected vessels will berth at Kirikiri Lighter Terminal, Five Start Logistics, Ports & Terminal Multipurpose Limited, Josepdam Ports Service Limited, Tincan Island Container Terminal among others in Lagos State,” it stated.

Recall that Haitham Al Ghais, the secretary general of the Organization of Petroleum Exporting Countries said fuel costs are mostly determined by taxes imposed by major oil-consuming countries rather than oil prices.

He clarified that the price consumers pay at the pump is influenced by a number of factors, such as the cost of crude oil, the expenses associated with refining, transportation, and marketing, as well as taxes and oil company margins.

Marketers move to crash petrol prices

Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the current fuel scarcity in Nigeria will end and that the high petrol prices will eventually be reduced.

The national public relations officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said that high petrol prices and scarcity are expected as the country transitions into complete deregulation.

Ukadike said the country is moving from a regulated market to a free one, stating that the Dangote Refinery had been undersupplying the market.

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Source: Legit.ng