Landing Cost Of Petrol Drops To N981/Litre
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The Major Energies Marketers Association of Nigeria on Thursday, confirmed that the landing cost of Premium Motor Spirit (PMS) popularly called petrol, has dropped to N981/litre.
The petrol landing cost, which used to be around N1,130 in previous weeks, dropped by over N140 as of September 25, 2024, due to 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.
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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.
