The Landing cost of petroleum motor spirit PMS in Nigeria has decreased by 20.34 per cent bringing it to N971.57 per litre over the past three months. The landing cost of PMS reflects the cost of importing and distributing the product.
According to Data released by the Major Energy Marketers Association of Nigeria (MEMAN) in its competency centre, 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.
The data also revealed an estimated landing cost of N971.57, a Brent crude price benchmark of $75.57 per barrel and an exchange rate of N1, 665.84 per dollar in November.
Despite this drop in landing cost, petrol still sells at N1, 060 at NNPC retail stations and N1, 080 at independent marketer’s outlets.
Recall that the retail price of petrol in Nigeria witnessed a sharp increase by N443 (71.79 per cent) from N617 on August 1 2024, to N1, 060 per litre by November 8 2024.
