The landing cost of Premium Motor Spirit (PMS), also known as petrol, has decreased to ₦981/litre, according to data released by the Major Energies Marketers Association of Nigeria (MEMAN).
This drop of over ₦140 from the previous week’s landing cost of around ₦1,130 is attributed to the recent decline in global crude oil prices. As of September 25, 2024, Brent crude oil traded at $71.41/barrel, down from $73.46/barrel the preceding day.
The decrease in landing cost comes as major oil marketers have commenced importing petrol, with three vessels conveying 141 million litres of PMS to Nigeria. Additionally, the Dangote Petroleum Refinery has begun ramping up local petrol production.
Despite the drop in landing cost, the average ex-depot price of petrol ranges from ₦865 to ₦1,400 across different regions. The Nigerian National Petroleum Company Limited (NNPC) has announced new prices, with petrol selling for above ₦1,000/litre in some areas.
Industry experts anticipate a potential decrease in PMS prices with the commencement of naira crude sale on October 1, 2024.
