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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.
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.
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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.
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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.