• Friday, November 22, 2024
businessday logo

BusinessDay

Relief for Nigerians as petrol landing cost drops to N976/litre

Nigeria’s oil production hits 1.8m bpd – NNPC

Nigerians may see a much-needed reduction in petrol prices as the landing cost of the product has reportedly dropped to N971 per litre, raising hopes of potential relief for consumers facing high petrol prices.

Using an exchange rate of N1,665.84/$, data sourced from the Major Energies Marketers Association of Nigeria (MEMAN) showed the 30-day average landing cost for petrol into a tank cost stood at N976.73/litre.

Read also: Marketers, Dangote fight in court over control of petrol market

The decrease in the landing price is expected to lead to a corresponding reduction in pump prices at filling stations across the country.

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 N1,082/litre, while that of Aviation Turbine Kerosene (ATK), known as aviation fuel stood at N1,135/litre.

Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp