Nigeria’s landing cost of Premium Motor Spirit (Petrol) has decreased to N971 per litre in November 2024, according to the latest data from the Major Energies Marketers Association.
This marks a 20.23 percent drop from N1,219 per litre in August 2024. The decline is attributed to fluctuations in the Naira-dollar exchange rate and global crude oil prices.
As of Friday’s close, the Naira stood at N1,678.87 to the Dollar, while Brent crude was priced at $73.63 per barrel, down from $80.72 per barrel and an exchange rate of N1,611 per dollar in August 2024.
Despite this reduction in landing costs, petrol is still being sold between N1,060 and N1,200 per litre at Nigerian National Petroleum Company Limited (NNPC) retail outlets and other filling stations.
Fuel prices have risen from N617 per litre in August 2024 to over N1,060 per litre as of November 11, 2024.
Additionally, Dangote Refinery has announced ex-depot prices of N960 per litre for ships and N990 per litre for trucks.
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