Petroleum importers in Nigeria are incurring daily losses of approximately ₦466.62 million due to recent price cuts by local refineries.
Petrol importers in Nigeria are facing daily losses of about ₦466.62 million as local refineries significantly cut prices. The new ex-depot price is ₦835 per litre, undercutting the average landing cost of imported petrol by ₦33.33.
This pricing shift is expected to favor domestically refined products, posing a serious challenge to fuel importers who now risk selling below cost. “Marketers of petroleum goods commented on the situation, implying that they could lose billions of naira since they might have to sell gasoline at a price significantly lower than their costs,” said a spokesperson.