Nigeria Petrol Landing Cost Falls to N981.08 in Nigeria, Fuel Prices Still High

The Major Energy Marketers Association of Nigeria (MEMAN) reports a significant drop in the landing cost of petrol to N981.08 per litre in September 2024, down from N1,130 in July. Despite the decrease, petrol prices remain high, sparking ongoing debate about fuel costs and subsidy removal in Nigeria.

The Major Energy Marketers Association of Nigeria (MEMAN) recently announced that the landing cost of Premium Motor Spirit (PMS) dropped to N981.08 per litre in September 2024, down from N1,130 in July. This data was shared through MEMAN’s Competency Centre Energy Bulletin, reflecting a decrease of N148.92 per litre.

The reduction is attributed to fluctuating crude oil prices in the global market, which averaged between $70 and $75 per barrel in September, compared to $80 in August. Despite this drop, petrol prices for consumers in Nigeria still range between N950 and N1,100, depending on the location.

This announcement follows a price hike by the Nigerian National Petroleum Company (NNPC), which sourced petrol from the Dangote Refinery on September 15. NNPC reported buying the fuel at N898 per litre, though the Dangote Group contested this figure without disclosing the actual price.

Amid ongoing discussions about rising fuel prices, the House of Representatives has called on the Dangote Refinery to provide transparency on its pricing and sell petrol directly to marketers. Additionally, Aliko Dangote, President of the Dangote Group, recently urged the government to fully remove petrol subsidies to stabilize the market and reduce costs.