Marketers to Adjust Prices as Diesel, Aviation Fuel Landing Costs Rise to New High
- Independent marketers have announced changes in the landing cost of diesel and aviation fuel
- The marketers noted that the products’ landing costs have risen to N1,120 per litre for diesel and N1,089.87 for aviation fuel
- The development following the decline in the prices of crude oil in the international crude oil market
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Independent Marketers could be forced to adjust their pump prices in the coming days following the rising landing costs of diesel and aviation fuel.
Nigeria's landing cost of diesel rose to N1,120.22 per litre, and that of aviation fuel rose to N1,089.87 per litre.
Source: UGC
MEMAN releases stock market prices of oil firms
The information was contained in a Competence Centre Energy bulletin of the Major Oil Marketers Association of Nigeria (MEMAN) released on Friday, August 23, 2024.
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MEMAN also listed the stock market prices of some oil companies: Conoil at N1,440; Eterna at N1,990; Geregu at N1,000; MRS at N1,320.70; Oando at N43.50; Seplat at N3,730.10; Total at N511.90; and Transpower at N372.40.
According to reports, US crude oil futures increased by almost 2 per cent on Friday, August 24, 2024, as the Federal Reserve indicated interest rate reductions are coming.
Crude oil prices fall as Nigeria discovers new grade
The report noted that prices are on pace for a weekly loss due to slowing demands in China weighing down on the market.
However, oil prices are still down for the week, with the US benchmark falling by three per cent and the global benchmark Brent pulling back by 1.6 per cent.
The development comes after the Nigerian National Petroleum Company Limited (NNPC) announced the discovery of the Utapate Crude Oil Blend.
Buyers rush Nigeria’s new crude oil
The new crude grade is differentiated by its low sulphur content of about 0.0655% and minimal carbon footprint due to the elimination of flare gas, which aligns with the specs sought by major European oil firms.
According to reports, NNPCL has sold about 950,000 barrels of the Utapate Crude Oil Blend to REPSOL, a Spanish oil giant, via a successful tender in July.
The tenders for August and September have been secured by UAE’s Gulf Transport and Trading Company.
The new crude oil grade is mined offshore in Akwa Ibom State, and it represents NNPC’s commitment to developing new assets to boost crude oil production and Nigeria’s revenue.
Nigeria tops Africa in crude oil production
The new crude grade is produced at a rate of 28,000 barrels per day and can reach 50,000 barrels daily.
Legit.ng reported the discovery of the Utapate crude oil grade, saying that many countries have already placed orders to secure its purchase.
The development comes as Nigeria reported increased crude oil production for July, making it Africa’s largest oil producer.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s crude production stood at 236,229,281 barrels in the first half of 2024.
FG breaks silence on petrol production from Dangote refineries
Legit.ng earlier reported that the Nigerian government has said that petrol production from the Port Harcourt and the Dangote refineries is expected to increase by November, impacting fuel supply in Nigeria, Africa and Europe.
The office of the Minister of Finance also disclosed that the first petrol from the Dangote Refinery is expected to be available by September 2024.
Industry sources said that the Dangote Refinery received regulatory approvals this year to commence operations of its fluid catalytic cracker and alkylation units in April and May.
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Source: Legit.ng
