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Nigeria’s landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has dropped to ₦971 per litre for November 2024.

Petrol landing cost falls to ₦971 per litre as local pump Prices remain high | Pulse Nigeria

Segun Adeyemi

<h2>Nigeria’s landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has dropped to ₦971 per litre for November 2024. </h2>

This marks a significant 20.23% decrease from ₦1,219 per litre recorded in August 2024, according to data from the Major Energies Marketers Association of Nigeria.

The decline is attributed to fluctuations in both the Naira-dollar exchange rate and the international price of crude oil.

As of the end of trading on Friday, the Naira stood at ₦1,678.87 to the dollar, with Brent crude priced at $73.63 per barrel.

READ ALSO: <a href="https://www.pulse.ng/news/nigerians-abandon-cars-as-daily-petrol-consumption-drops-by-92/9jnpdfb">Fuel Crisis: Nigerians abandon cars as daily petrol consumption drops by 92%</a>

This contrasts with the rates in August, when crude was priced at $80.72 per barrel, and the Naira exchange rate was ₦1,611 per dollar.

Despite the lower landing cost, petrol remains expensive at the pump in Nigeria. The retail price of petrol ranges from ₦1,060 to ₦1,200 per litre at various stations, including those operated by the Nigerian National Petroleum Company Limited.

READ ALSO: <a href="https://www.pulse.ng/business/domestic/marketers-consider-fuel-import-as-dangote-refinery-reportedly-underdelivers/nrcz5yf">Marketers consider fuel importation as Dangote Refinery allegedly underdelivers</a>

The price of petrol had already surged from ₦617 per litre in August 2024 to over ₦1,060 per litre by November 2024.

The Dangote Refinery has recently announced ex-depot prices of ₦960 and ₦990 per litre for petrol delivered by ships and trucks, respectively.

In a statement, the Nigeria Labour Congress (NLC) expressed concerns that the pump price of petrol in Nigeria continues to exceed market values, raising questions about the fairness of pricing for consumers.

Black market fuel vendors tries to sell fuel to a motorist on Lagos-Ikorodu highway 17 June 2007. [Getty Images]

Petrol landing cost falls to ₦971 per litre as local pump Prices remain high

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