Nigeria may witness another round of relief in fuel prices as the landing costs of imported petrol and cooking gas have dropped significantly, encouraging marketers to bring in massive volumes of fuel products worth about ₦279 billion.

According to industry data, the decline in international product prices and improved market conditions reduced the cost of importing Premium Motor Spirit (PMS) and Liquefied Petroleum Gas (LPG). Marketers subsequently secured approvals and imported large quantities of fuel cargoes to boost domestic supply.

Reports indicate that the landing cost of imported petrol fell to around ₦853 per litre, lower than previous levels and below some local ex-depot prices. The reduction is expected to intensify competition in the downstream sector and could translate into lower pump prices if the trend persists. �

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The fresh imports, estimated at ₦279 billion, are aimed at preventing shortages and stabilising supply across the country. Industry players say the lower import costs have been driven by favourable exchange rates, easing shipping expenses, and declining international refined product prices.

Consumers are hopeful that the reduced landing costs will lead to cheaper petrol and cooking gas prices nationwide. However, experts caution that fluctuations in the exchange rate and global oil market could still influence future pricing.

The development comes amid ongoing competition between independent marketers, the Nigerian National Petroleum Company (NNPC), and the Dangote Petroleum Refinery, as stakeholders seek to attract consumers through competitive pricing.