The landing cost of Premium Motor Spirit, popularly called petrol, has dropped to N975.89/litre, according to the latest data released by the Major Energies Marketers Association of Nigeria.
Crude oil prices and foreign exchange rates are the major factors determining the cost of refined petroleum products, including petrol, diesel, aviation fuel, and kerosene.
On Thursday, Brent crude futures settled at $77.41 a barrel, falling 60 cents, or 0.8 percent. U.S. West Texas Intermediate (WTI) futures settled down 33 cents or 0.5 percent, at $73.24 a barrel.
The decrease in the landing price is expected to lead to a corresponding reduction in pump prices at filling stations across the country.
Read also: New petrol prices emerge as full deregulation kicks off
However, the extent of the price reduction will depend on various factors, including the cost of transportation, storage, and distribution.
MEMAN data also revealed that the landing cost of Automative Gas Oil (AGO), also known as diesel stood at N1,076.35/litre, while that of Aviation Turbine Kerosene (ATK), known as aviation fuel stood at N1,111.97/litre.
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