On Thursday, November 8, the Major Energy Marketers Association of Nigeria (MEMAN) announced that the landing cost of petrol (also called Premium Motor Spirit, PMS) has dropped to N971 per litre, a decrease of 20.34% over the past three months.
Despite this drop, petrol prices at the pump have increased by 71.79%—from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024.
MEMAN’s report showed that while oil marketers imported petrol at a cost of N1,219 per litre in August, the Brent crude oil price at that time was $80.72 per barrel, with an exchange rate of N1,611 per dollar.
By November 2024, the landing cost for petrol dropped to N971.57 per litre with the Brent crude price falling to $75.57 per barrel and the exchange rate rising to N1,665.84 per dollar.
However, despite these changes, the price of petrol remains high. At stations operated by the Nigerian National Petroleum Company Limited (NNPCL), petrol is being sold for N1,060 per litre, while at independent marketers’ outlets, it costs as much as N1,180 per litre.
