Petrol landing cost drops to N971/litre as NLC accuses marketers of price inflation
The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months.
This was revealed by the Major Energies Marketers Association, in its latest competency centre daily energy bulletin for November 8, 2024.
The decline in landing costs on Nigeria’s shores indicated an equal reduction in global market fluctuations and supply chain factors.
According to data released by MEMAN, oil marketers imported petrol at N1,219 per litre at a Brent crude oil price benchmark of $80.72 per barrel and at an exchange rate of N1,611 per dollar in August. Petrol sold at N617 per litre during this period.
But 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 retail station and N1,180 at stations owned by independent marketers.
The document also showed that the landing cost stood at N945.63 in September 2024 and N903.64 per litre in October 2024.
