A report by the Major Energies Marketers Association has estimated the landing cost of petrol on Nigeria’s shores at N971.57 per litre.
The current cost shows a marginal reduction of 20.34 per cent over the past three months.
In spite this reduction, the pump price of petrol in Nigeria has increased by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024.
According to the data contained in the association’s competency centre daily energy bulletin, oil marketers imported petrol at N1,219 per litre at a Brent crude oil price benchmark of $80.72 per barrel and at an exchange rate of N1,611 per dollar in August, during which petrol was sold for N617 per litre.
However, in November, with an estimated landing cost of N971.57, Brent crude price benchmark of $75.57 per barrel and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company (NNPC) Limited retail stations and between N1,150 and N1,180 at stations owned by independent marketers.
The document also showed that the landing cost was N945.63 in September 2024 and N903.64 per litre in October 2024. This increase, despite falling landing costs, can be attributed to factors such as the ongoing deregulation of the fuel market, fluctuations in the exchange rate, rising inflation, and the broader economic challenges facing the country.
Recently, the Nigeria Labour Congress (NLC) accused fuel marketers of inflating petrol prices, claiming the pump price is significantly higher than the actual market value.
The NLC, in a communique released following its National Executive Council meeting, said Nigerians were being exploited, with citizens enduring heightened suffering and hunger due to government policies that are pushing many into destitution.
