The Major Energies Marketers Association of Nigeria, MEMAN, has elaborated on the various factors that affect petrol pricing in Nigeria.
MEMAN noted that key cost elements consist of the jetty location, specifically mentioning ASPM, along with a standard product quantity set at 38,000 metric tonnes.
The Chief Executive Officer of MEMAN, Clement Isong, made this information available on Wednesday during a quarterly webinar hosted by the association for energy reporters.
The CEO of MEMAN, during a discussion on ‘Fuel Pricing,’ said, “The pricing methodology relies on the Argus Gasoline Euro-Bob benchmark for West African deliveries, combined with an average premium.
“The exchange rate is derived from the Central Bank of Nigeria’s (CBN) weighted average rate within the Nigerian Foreign Exchange Market (NFEM), which significantly impacts the final price.
“Other local charges include those imposed by the Nigerian Ports Authority (NPA) for services, such as towage, berthage, and cargo handling, as well as contributions to NIMASA at two per cent of local freight and regulatory fees from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which add a combined one per cent levy.”
