See the new landing cost of diesel, aviation fuel in Nigeria

• Landing aviation fuel (JetA1) has climbed to N1,101.77/L, while the cost of diesel (AGO) has increased to N1,136.97/L
• Diesel prices decreased from N1,120.22 per litre on Friday to N1,117.62 per litre on Monday
• As of Monday, the cost of aviation fuel (JetA1) was N1,086.95 per litre, down from N1,089.87 on Friday

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Diesel (AGO) landing costs have increased to N1,136.97 for Nigeria, while aviation fuel (JetA1) landing costs have similarly increased to N1,101.77/L.

Statista reported that in 2023, Libya, Algeria, and Angola were among the leading oil-producing countries in Africa. Photo Credit: Contributor
Source: Getty Images

These were included in an energy bulletin published yesterday by the Major Oil Marketers Association of Nigeria (MEMAN) Competence Center.

The price of diesel was N1,117.62 per litre as of Monday, down from N1,120.22 per litre on Friday. The price of aviation fuel (JetA1) was N1,086.95 per litre as of Monday, down from N1,089.87 per litre on Friday.

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Although losses were limited by supply threats in the Middle East and Libya, crude oil prices dropped yesterday following a smaller-than-expected reduction in U.S. crude stocks and as worries about Chinese demand lingered.

Legit.ng reported that Oil output in Libya decreased as authorities in the eastern member of OPEC imposed a shutdown, intensifying a crisis that the UN warned might bring about the collapse of the country's economy.

According to those familiar with the situation, production has stopped at the El-Feel field in southwest Libya, and local operators are signalling a gradual nationwide stop to pumping.

Statista reported that in 2023, Libya, Algeria, and Angola were among the leading oil-producing countries in Africa, with output above 55 million metric tons each. Nigeria topped the list with roughly 74 million metric tons.

Experts speak on unauthorised fuel price

Legit.ng reported that in Nigeria, selling Premium Motor Spirit (petrol) in jerrycans has grown commonplace, particularly when the product becomes hard to get in authorised retail outlets. Experts claim that this is an unlawful petrol trade that demonstrates the government's lax regulatory actions.

BusinessDay investigations have revealed that black marketers, who are primarily positioned near filling stations, sell their gasoline for far more than what the stations sell it for, even though filling stations sell it for between N617 and N690 per litre.

For instance, black marketers in the federal capital territory of Garki, near Lokogoma Junction and the NNPC towers, charge N1000 per litre.

Source: Legit.ng