In November 2024, the landing price of Premium Motor Spirit (Petrol) in Nigeria decreased to N971 per liter.
The Major Energies Marketers Association’s most recent data supports this.
In comparison to August 2024, when the landing cost of imported gasoline was N1,219 a litre, the number indicates a 20.23 percent decrease.
The situation is ascribed to the volatility of the price of crude on the global market and the Naira-dollar exchange rate.
The Naira to Dollar exchange rate was N1678.87 at the end of business on Friday, while Brent crude was trading at $73.63 per barrel, down from $80.72 per barrel and N1,611 per dollar in August 2024.
Despite the fact that the product is sold at retail locations and other filling stations by Nigerian National Petroleum Company Limited for between N1060 and N1,200 per liter, the landing cost of fuel has decreased.
Remember that as of November 11, 2024, the price of petroleum had risen from N617 per liter in August 2024 to nearly N1060 per liter.
According to a recent statement from Dangote Refinery, the ex-depot pricing for its gasoline are N960 for ships and N990 for trucks.
The Nigeria Labour Congress, meanwhile, claimed in a statement issued on Sunday that the country’s gas pump price is greater than its market value.