The Major Energies Marketers Association of Nigeria (MEMAN) has revealed that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, currently stands at N971 per litre.
This is a 20.34 per cent drop in Nigeria’s estimated landing cost of petrol over the last three months, bringing it to N971.57 per litre.
However, despite this reduction, the retail price of petrol has surged. From N617 per litre on August 1, 2024, the cost rose by N443, a 71.79 per cent increase, reaching N1,060 per litre as of November 8, 2024.
According to MEMAN’s competency centre, data show that oil marketers imported petrol at N1,219 per litre in August, when the Brent crude oil price was $80.72 per barrel, with an exchange rate of N1,611 per dollar.
By November, while the estimated landing cost decreased to N971.57 per litre, the Brent crude oil price dropped to $75.57 per barrel, and the exchange rate rose to N1,665.84 per dollar.
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