The landing cost of petrol has dropped to N981/litre.
This is according to data released by the Major Energies Marketers Association of Nigeria (MEMAN) on Thursday.
The petrol landing cost which was around N1,130 recently, came down by over N140 as of September 25, 2024, following the recent drop in global crude oil prices.
Crude oil price and the foreign exchange rates are the major factors that determine the cost of refined petroleum products including petrol, diesel, aviation fuel, kerosene, among others.
Brent, the global benchmark for crude, traded above an average of 80/barrel in August 2024, but has kept fluctuating between $70/barrel and $75/barrel since this month.
It was $71.41/barrel on Thursday, down from the $73.46/barrel which it traded the preceding day, industry data sourced from the petroleum ministry showed.
Figures obtained from Statistica, a global statistical firm, showed that in August 2024, the average price of a barrel of Brent was $80.36.
“This was a decrease from the previous month, following the lower oil demand in China and announcements that the Organisation of Petroleum Exporting Countries were expecting to increase production,” the firm stated.
Amid the drop in petrol landing cost and the hike in the pump prices of the commodity across the country, major oil marketers have commenced the importation of the product.
According to MEMAN, the landing cost of the product started its downward slope in mid-July, as it also fell below N950 in early September.
It was observed that the fall was despite the rise of the dollar against the naira. The landing cost was calculated using N1,667.22 to a dollar.
However, the average ex-depot price of petrol, according to MEMAN, was between N865 and N1,200 in Lagos; between N980 and N1,400 in Calabar, and it ranged from N1,200 to N1,400 in Port Harcourt as of Wednesday.
The major marketers disclosed that the landing cost of diesel is now N1,089/litre while that of aviation fuel stands at N1,117.34.
It was learned that the average ex-depot price of diesel was about N1,165 in Lagos and N1,200 to N1,200 in Calabar and Port Harcourt.
It was observed that the difference between imported petrol and that of Dangote might be N83 if calculated by N898 which the Nigerian National Petroleum Company claimed it bought the Dangote fuel.
