BUSINESS DAY
The landing cost of imported petrol has surpassed N1,000 per litre as the country’s foreign exchange crisis deepened, according to findings by BusinessDay.
At the black-market rate of N1,500 per dollar, findings showed the landing cost of petrol, which includes the product’s international price, shipping, insurance, and other charges, increased to N1,009/litre from N720/litre in October 2023.
“The rising landing cost of petrol is a result of the rising FX crisis. There are interventions in the market through subsidies as most Nigerians cannot afford the market price for petrol,” a senior executive in the downstream sector said.
After trading on Monday, the naira lost 4.19 percent of its value as one dollar was quoted at N1,534.39 as against N1,469.97 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market, data from the FMDQ showed.
The naira also depreciated by 1.33 percent at the parallel market, known as the black market. The dollar traded at N1,505 on Monday, compared with N1,485 on Friday.
