The Major Energies Marketers Association of Nigeria (MEMAN), has put the landing cost of Premium Motor Spirit, PMS, also known as petrol at N971 per litre.
The association said the estimated Nigeria’s landing cost of petrol dropped by 20.34 per cent to N971.57 per litre over the past three months.
Despite the reduction, the retail price of petrol increased by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1, 060 per litre by November 8, 2024.
Data released by MEMAN’s competency centre, indicated that oil marketers imported petrol at N1, 219 per litre while Brent crude oil price stood at $80.72 per barrel at an exchange rate of N1, 611 per dollar in August.
However, in November, with an estimated landing cost of N971.57, Brent crude price benchmark of $75.57 per barrel and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company Limited, NNPCL retail stations and N1,180 at the outlets of independent marketers.