Data released by the Major Energies Marketers Association of Nigeria (MEMAN) has shown that the estimated landing cost of petrol is now N900.28 per litre as of Thursday.
This shows a reduction of 3.62 per cent or N36, from around N936.75 per litre, about a week ago.
The data further revealed that oil marketers imported 90,308 metric tonnes (about 121.1 million litres) of petrol between Tuesday, December 10, 2024, and Friday, December 13, 2024.
Despite the drop in landing cost, the retail price of petrol in Nigeria still ranges between N1,060 and N1,100.
Crude oil prices and foreign exchange rates are the major factors that determine the cost of refined petroleum products, including petrol, diesel, aviation fuel, and kerosene, among others.
