The Major Energies Marketers Association of Nigeria (MEMAN) has reported a decrease in the landing cost of petrol, dropping from N981 per litre to N945.63 per litre. This decline is attributed to the recent appreciation of the naira against the US dollar, alongside a drop in Brent crude oil prices.
As of September 27, the exchange rate shifted to N1,586.26 per dollar from N1,667.22 on September 25, marking a significant improvement. Concurrently, Brent crude prices fell from $73.67 per barrel to $72.45 per barrel.
The reduced landing cost has led to a slight decrease in ex-depot prices of Premium Motor Spirit (PMS) in major cities including Lagos, Calabar, and Port Harcourt. In addition, the cost of diesel has also seen a decline, from N1,089 per litre to N1,068.04 per litre, while aviation fuel prices decreased from N1,117.34 per litre to N1,079.79 per litre.
In a related development, the Nigerian National Petroleum Company (NNPC) recently raised pump prices for petrol, which vary by region. Despite this increase, some major marketers in Lagos continue to offer petrol at a lower rate of N870 per litre.
Dapo Segun, NNPC's Executive Vice President for Downstream operations, clarified that the pricing is influenced by market conditions, despite a recent agreement with Dangote refinery management. The sale of petrol from Dangote refinery to NNPC is ongoing, with expectations of further price reductions as the naira crude sales are scheduled to commence on October 1, 2024.
As fuel prices fluctuate, consumers express cautious optimism that these developments may lead to more affordable fuel in the near future. Stakeholders are closely monitoring the situation, particularly the anticipated effects of the naira crude sale on petrol prices.
Petrol Landing Cost Falls to N945.63/Litre Amid Naira Appreciation and Brent Crude Decline
The Major Energies Marketers Association of Nigeria (MEMAN) has reported a decrease in the landing cost of petrol, dropping from N981 per litre to N945.63 per litre. This decline is attributed to the recent appreciation of the naira against the US dollar, alongside a drop in Brent crude oil prices.
As of September 27, the exchange rate shifted to N1,586.26 per dollar from N1,667.22 on September 25, marking a significant improvement. Concurrently, Brent crude prices fell from $73.67 per barrel to $72.45 per barrel.
The reduced landing cost has led to a slight decrease in ex-depot prices of Premium Motor Spirit (PMS) in major cities including Lagos, Calabar, and Port Harcourt. In addition, the cost of diesel has also seen a decline, from N1,089 per litre to N1,068.04 per litre, while aviation fuel prices decreased from N1,117.34 per litre to N1,079.79 per litre.
In a related development, the Nigerian National Petroleum Company (NNPC) recently raised pump prices for petrol, which vary by region. Despite this increase, some major marketers in Lagos continue to offer petrol at a lower rate of N870 per litre.
Dapo Segun, NNPC's Executive Vice President for Downstream operations, clarified that the pricing is influenced by market conditions, despite a recent agreement with Dangote refinery management. The sale of petrol from Dangote refinery to NNPC is ongoing, with expectations of further price reductions as the naira crude sales are scheduled to commence on October 1, 2024.