The landing cost of Premium Motor Spirit, popularly called petrol, has dropped to N981/litre, according to data released by the Major Energies Marketers Association of Nigeria (MEMAN) on Thursday.
The petrol landing cost, around N1,130 in previous weeks, came down by over N140 as of September 25, 2024, occasioned by the recent drop in global crude oil prices.
Crude oil price and the foreign exchange rates are the major factors that determine the cost of refined petroleum products including petrol, diesel, aviation fuel, kerosene, among others.
Brent, the global benchmark for crude, traded above an average of 80/barrel in August 2024, but has kept fluctuating between $70/barrel and $75/barrel since this month.
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According to MEMAN, the landing cost of the product started its downward slope in mid-July, as it also fell below N950 in early September.
It was observed that the fall was despite the rise of the dollar against the naira. The landing cost was calculated using N1,667.22 to a dollar.
However, the average ex-depot price of petrol, according to MEMAN, was between N865 and N1,200 in Lagos; between N980 and N1,400 in Calabar, and it ranged from N1,200 to N1,400 in Port Harcourt as of Wednesday.
The major marketers disclosed that the landing cost of diesel is now N1,089/litre while that of aviation fuel stands at N1,117.34.
It was learned that the average ex-depot price of diesel was about N1,165 in Lagos and N1,200 to N1,200 in Calabar and Port Harcourt.
