By Milcah Tanimu
Nigerians may soon experience a reduction in petrol prices at filling stations as the landing cost of Premium Motor Spirit (PMS) drops by N36 to N900.28 per litre. This development comes as the cost dips below Dangote Refinery’s pricing of N970 per litre.
The Major Oil Marketers Association of Nigeria (MOMAN) reported the 3.62% decline from last week’s N936.75 per litre, largely influenced by crude oil prices and foreign exchange rates. Earlier in the week, the landing cost briefly dropped further to N890.43 before rebounding slightly.
Currently, Nigerians pay between N1,050 and N1,100 per litre for petrol. The reduced landing costs could lead to price adjustments at filling stations, offering some relief to consumers.
Petrol Pricing and Importation
Despite operations at the Dangote Refinery and Port Harcourt Refining Company, marketers have opted to continue importing petrol. The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) confirmed partnerships with international suppliers to source petrol at lower costs, ensuring competitive pricing.
This price adjustment underscores the interplay between global oil prices, exchange rates, and domestic supply strategies, as marketers aim to address consumer affordability amidst fluctuating costs.
