Petrol landing cost drops to ₦971 per litre, pump price remains high
The landing cost of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria has dropped to ₦971 per litre for November 2024.
This reflects a notable 20.23% decrease from ₦1,219 per litre in August, according to data from the Major Energies Marketers Association of Nigeria. This decline is due to changes in both the Naira-to-dollar exchange rate and the global crude oil price.
As of the latest trading day, the Naira was at ₦1,678.87 per dollar, and Brent crude oil was priced at $73.63 per barrel. This contrasts with August, when crude stood at $80.72 per barrel, and the exchange rate was ₦1,611 per dollar.
Despite the reduced landing cost, petrol prices at the pump remain high, with consumers paying between ₦1,060 and ₦1,200 per litre across different stations, including Nigerian National Petroleum Company Limited outlets. Petrol prices have risen steeply from ₦617 per litre in August to over ₦1,060 per litre by November.
The recently announced ex-depot prices from Dangote Refinery stand at ₦960 per litre for petrol transported by ships and ₦990 for that delivered by trucks.
The Nigeria Labour Congress (NLC) has voiced concerns, highlighting that the high pump prices continue to exceed market values and raising questions about fair pricing for consumers.
