Politics
Petrol Landing Cost Falls As Global Oil Prices Stabilize
Petrol Landing Cost Falls As Global Oil Prices StabilizeThe Major Energy Marketers Association of Nigeria (MEMAN) has reported a slight decrease in the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, signaling some level of stability in the downstream sector. According to Naija News, the landing cost dropped marginally to ₦970 per litre in December 2024, compared to ₦971 per litre in November.....KINDLY READ THE FULL STORY HERE▶
This reduction corresponds with a recent decline in global crude oil prices, which fell to $73.77 per barrel on Wednesday from $74 per barrel the previous week. In its daily energy bulletin, MEMAN attributed the current landing cost to an exchange rate of ₦1,533.57/$ and a Brent crude oil price of $73.91 per barrel.
MEMAN noted that international petroleum product pricing remains highly volatile due to various geopolitical and economic factors, including developments in the Middle East, market conditions in China, and the aftermath of recent U.S. elections. The association also highlighted that the foreign exchange market is experiencing its own volatility, which significantly impacts landing costs. As a result, these costs are likely to fluctuate throughout the day.
Despite these changes in landing costs, the retail price of petrol in Lagos has remained steady at ₦1,025 per litre.
Ehimen Joseph, Chairman of the Lagos State Chapter of MEMAN, commented on the situation, saying, “The price of petrol is determined by market forces in a deregulated market. A drop in price is possible.”
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), added, “Petrol prices won’t drop spontaneously, as marketers hold large stockpiles. A reduction will only happen once existing stocks are depleted. However, over time, price reductions may occur based on market forces and foreign exchange fluctuations. Fuel price changes will not be immediate and will likely take a month or two, depending on the depletion of stockpiles and stable foreign exchange rates.
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