- The landing cost of Premium Motor Spirit (PMS) has declined marginally to N970 per liter in December 2024.
- The decline is attributed to a drop in crude oil price to $73.77 per barrel.
- The retail price of petrol remains unchanged at N1,025 per liter in Lagos.
- Experts predict that a reduction in petrol price is possible over time, based on market forces and foreign exchange volatility.
The landing cost of petrol has indeed dropped to N970 per litre, according to marketers . This reduction is attributed to the decline in crude oil prices and the appreciation of the Naira. The new landing cost is a welcome development, as it could lead to a reduction in the retail price of petrol. However, it’s worth noting that the retail price of petrol is still around N1,025 per litre in Lagos .
