The latest data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that petrol landing cost has dropped to N975.89 per litre.
Crude oil prices and forex are the major drivers of petroleum product prices, including petrol, aviation fuel and kerosene.
According to a BusinessDay report, Brent Crude sold for $77. 41 per barrel, dropping by 60 cents, or 0.8%, while US West Texas Intermediate (WTI) futures sold at $73.24 per barrel, representing a 0.5% drop in price.
The drop in the landing cost of petrol is expected to be reflected in the pump prices nationwide, days after the Nigerian National Petroleum Company Limited (NNPC) hiked the product’s price.
Reports say the extent of the price reduction depends on factors such as freighting costs, storage and distribution.
MEMAN data also showed that the landing cost of diesel was N1,076 per litre, and kerosene was N1,111.97 per litre.
Petrol landing costs have experienced a decline in recent times, moving from N1,300 per litre in June.
The landing cost of petrol dropped further from the N981 per litre recorded on September 25, 2024, to N945.63 per litre, beginning from September 27, 2024.
MEMAN revealed this in its Competency Centre Energy Bulletin Data shows.
The decrease represents a major decline in the commodity’s price from the one recorded in July at N1,130 per litre.
A previous report by TimesNow.com.ng showed that the landing cost of petrol dipped to N981 per litre from N1,130 recorded in July.
TimesNow.com.ng earlier reported that oil marketers in Nigeria would buy petrol directly from Dangote Refinery. However, they will face price challenges.
The reason was a price difference between Dangote petrol price and imported PMS.
While the Dangote Refinery can supply much of Nigeria’s domestic petrol needs, the government strictly controls pricing via the Nigerian National Petroleum Company Limited (NNPC), creating a significant hurdle for marketers.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
