The Major Energies Marketers Association of Nigeria (MEMAN) has estimated the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, at N971 per litre, reflecting a 20.34% reduction over the past three months. Despite the decrease, petrol retail prices have surged by N443, a 71.79% increase, rising from N617 per litre in early August 2024 to N1,060 per litre by November 8, 2024.

According to data from MEMAN’s competency centre, in August, oil marketers imported petrol at N1,219 per litre when Brent crude oil was priced at $80.72 per barrel and the exchange rate was N1,611 per dollar. In November, the estimated landing cost dropped to N971.57 per litre, with Brent crude prices lowering to $75.57 per barrel and an exchange rate of N1,665.84 per dollar. Despite this, the retail price of petrol now stands at N1,060 at Nigerian National Petroleum Company Limited (NNPCL) stations and N1,180 at independent marketer outlets.