According to recent data from the Major Energy Marketers Association, Nigeria’s landing cost for Premium Motor Spirit (petrol) fell to N971 per litre in November 2024.
This marks a 20.23 percent decrease from the N1,219 per litre recorded in August 2024.
The decline in petrol landing costs is linked to fluctuations in the Naira-Dollar exchange rate and international crude oil prices.
As of close of business on Friday, the exchange rate was N1,678.87 to the dollar, with Brent crude priced at $73.63 per barrel—down from $80.72 per barrel and an exchange rate of N1,611 per dollar in August 2024.
Despite this decrease in landing costs, petrol continues to be sold at prices ranging from N1,060 to N1,200 per litre at Nigerian National Petroleum Company Limited (NNPCL) outlets and other fuel stations.
The price of fuel rose from N617 per litre in August 2024 to over N1,060 per litre as of November 11, 2024.
Recently, Dangote Refinery announced that its petrol is available at ex-depot prices of N960 per litre for ships and N990 per litre for trucks.
In a statement issued on Sunday, the Nigeria Labour Congress noted that the nation’s pump price of petrol currently exceeds its market value.
