Marketers put petrol landing cost at N971/litre

The Major Energy Marketers Association of Nigeria (MEMAN) has pegged the landing cost of Premium Motor Spirit, PMS, or petrol, at N971 per litre.

Over the last three months, the landing cost has reportedly dropped by 20.34% to N971.57 per litre, yet the retail price has surged. Petrol, previously sold at N617 per litre on August 1, now costs N1,060 at Nigerian National Petroleum Company Limited (NNPCL) stations and N1,180 at independent outlets as of November 8.

MEMAN’s data reveals that oil marketers imported petrol at N1,219 per litre in August when Brent crude was priced at $80.72 per barrel, with an exchange rate of N1,611 per dollar. As of November, Brent crude stands at $75.57 per barrel, with the exchange rate at N1,665.84 per dollar