Kehinde Fajobi
The Major Energy Marketers Association of Nigeria (MEMAN) has reported that the landing cost of Premium Motor Spirit (PMS), also known as petrol, in Nigeria stands at ₦971 per litre, following a 20.34% reduction over the past three months.
According to MEMAN, petrol’s retail price has surged by ₦443, or 71.79%, rising from ₦617 per litre on August 1, 2024, to ₦1,060 per litre by November 8, 2024.
Data from MEMAN’s competency centre showed that in August, oil marketers imported petrol at ₦1,219 per litre, with Brent crude oil priced at $80.72 per barrel and an exchange rate of ₦1,611 per dollar.
By November, MEMAN noted that the landing cost estimate for petrol had decreased to ₦971.57 per litre, as Brent crude oil fell to $75.57 per barrel and the exchange rate shifted to ₦1,665.84 per dollar.
Despite the drop, petrol currently sells at ₦1,060 per litre at Nigerian National Petroleum Company Limited (NNPCL) stations and ₦1,180 per litre at independent outlets.