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