Nigerians may soon benefit from a decrease in petrol prices as the landing cost drops to N976 per litre. This reduction, confirmed by the Major Energies Marketers Association of Nigeria (MEMAN), offers hope for lower pump prices, although factors like transportation and distribution costs will influence the final price.
Nigerians are expected to see relief at the fuel pumps as the landing cost of petrol has dropped to N976 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN). This decrease in cost offers hope for reduced petrol prices after months of high fuel costs.
The 30-day average landing cost for petrol, based on an exchange rate of N1,665.84/$, now stands at N976.73 per litre. This reduction in the landing cost, which marks a significant shift in fuel pricing, comes after a prolonged period of rising costs that have placed pressure on Nigerian households and businesses.
The price drop in landing cost could potentially lead to a corresponding decrease in the price of petrol at fuel stations across the country. However, the extent of the price reduction will depend on several factors, including transportation, storage, and distribution costs, which are critical to the overall price structure.
In addition to the drop in petrol landing costs, the prices of other fuels also saw declines. Automotive Gas Oil (AGO), commonly known as diesel, now costs N1,082 per litre, while Aviation Turbine Kerosene (ATK), used in aviation, stands at N1,135 per litre.
This development provides hope for Nigerians, as lower fuel prices could ease transportation costs and help curb inflation. The government and industry stakeholders will need to monitor these changes closely to ensure the benefits are passed on to consumers.
