Just In: Another Drop In Petrol Landing Cost—What This Means For Pump Prices

According to the Major Energy Marketers Association of Nigeria (MEMAN) in its daily energy bulletin, this marks a decrease of ₦20.16 from the ₦817.82 per litre recorded on March 14. The report also revealed that the spot price at the NPSC-NOJ terminal has fallen to ₦797.73 per litre, down from ₦817.90 the previous week.

Additionally, the average price over the past 30 days has dropped to ₦851.76 from ₦854.15 per litre.

MEMAN further highlighted that the price of Brent crude oil has risen to $70.58 per barrel, up from $69.88 on March 14. The exchange rate is currently ₦1,517.93 per dollar, with marketers calculating the product quantity at 38,000 metric tonnes.

International petroleum prices are experiencing some volatility due to supply chain disruptions, trade conflicts, and regional instability.

The decline in crude oil prices has contributed to reduced PMS prices in Nigeria, with further reductions expected as landing costs continue to fall.

Two weeks ago, Dangote Refinery cut its ex-depot PMS price, bringing petrol prices down to ₦860 per litre at retail stations, a move followed by similar adjustments from the Nigerian National Petroleum Company Limited (NNPCL).