A significant reduction in petrol prices is anticipated in Nigeria following further dropping of landing cost of Premium Motor Spirit (Petrol) from the N981 per litre recorded on September 25, 2024.
Data released by the Major Energies Marketers Association of Nigeria (MEMAN) shows that the landing cost of petrol has dropped again
The drop represents a significant decline from the cost recorded in July 2024 which stood at N1,130 per litre. …CONTINUE READING
DAILY POST reports that the landing cost of petrol dropped on September 25th to N981 per liter from N1,130 in July , to N945.63 per liter as of September 27.
However, the Petroleum Marketers attributed the latest drop in the landing cost of petrol to Naira’s appreciation against the Dollar in the foreign exchange market.
In the MEMAN data, a dollar was said to have been exchanged for N1,586.26 on September 27, while it was N1,667.22 on September 25.
Meanwhile, the Naira stood at N1541.94 per dollar on Monday.
Also, the Data from MEMAN showed that the global benchmark for Brent crude dropped from the $73.67/barrel recorded in its last data to $72.45 in the latest report on Monday.
The fall might have also contributed to the reduction in the landing cost of imported petrol.
Consequently, average ex-depot prices of PMS saw a marginal reduction in Lagos, Calabar, and Port Harcourt.
This comes after the Nigerian National Petroleum Company announced a fresh petrol price hike to N950 and N1,100 per liter after lifting the product from the Dangote Refinery refinery on September 15, 2024.
NNPCL had stated that it bought the domestic petrol produced by Dangote Refinery at N898 per liter, however, Dangote group disagreed but failed to reveal the price of its product.
