Petrol Landing Cost Reaches ₦1,311 Amid Sales Halt in Lagos

The landing cost of petrol in Nigeria has increased to ₦1,311 per litre, prompting depot owners in major Lagos loading hubs, including Coconut, Satellite Town, and Dockyard, to withhold sales. This decision arises from concerns over rising replacement costs as international crude prices approach $105 per barrel.

Depot operators are hesitant to sell petrol at current prices, fearing losses when replenishing stocks at higher costs. This situation has led to uncertainty in Lagos depot hubs, with suppliers closely monitoring landing costs and international crude prices before resuming sales.

The landing cost encompasses the expenses of importing petrol, which significantly influences supplier pricing in the downstream petroleum market. Although the withholding of sales does not indicate a petrol shortage, it reflects a commercial strategy in response to fluctuating costs.

If crude prices remain high, suppliers may seek to increase selling prices when transactions resume, although the immediate impact on pump prices remains uncertain.