In a major boost to fuel supply, oil marketers have imported 156.9 million litres of petrol as the landing cost dipped to N853 per litre amid ongoing price competition in Nigeria’s downstream sector.

Documents from the Nigerian Ports Authority and the Major Energies Marketers Association revealed that six vessels brought in 117,000 metric tonnes of petrol between April 8 and 16.

“The N853 per litre on-spot estimated import parity into tanks… is a considerable reduction from the N856.75 last week,” a document stated.

Dealers confirmed that the NPSC-NOJ terminal price dropped to N853.12, while the 30-day average cost stood at N844.84 per litre.

The import surge follows Dangote Refinery’s move to cut its ex-depot price to N865, intensifying the market competition.

“Dangote Refinery reduced its petrol ex-depot price to N865 per litre during the week,” the report said.

Analysts note that volatile FX rates and global oil price fluctuations remain key factors in landing cost changes.

The Brent crude benchmark was $64.76 per barrel with an exchange rate of N1,603.78/$1.

This latest development could signal relief for consumers amid recent fuel price spikes.