Petrol landing cost drops to N971/litre

The landing cost for Premium Motor Spirit (PMS) commonly known as petrol dropped to N971 per litre this month.

The figure is a 20.23% drop from the pump price of N1, 219 per litre recorded in August.

The Major Energy Marketers Association of Nigeria (MEMAN) disclosed this in its “Estimated Into Tank Spot Landed Costs,” report published on its website on Monday.

The landing cost of Automotive Gas Oil (AGO) popularly known as diesel was N1,089.71/litre this month.

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The landing cost was calculated based on the N1665.84/$1 exchange rate.

Despite the reduced landing costs, petrol is being sold at prices ranging from N1060 to N1200 per litre at Nigerian National Petroleum Company Limited (NNPC) Limited retail stations and other outlets across the country.

Nigerians have witnessed a constituent increase in fuel prices from N617 per litre in August to N1060 per litre as of November 11.

“The landed costs for PMS, AGO, and ATK were calculated using this naira per dollar foreign exchange rate sourced from the Central Bank of Nigeria (CBN),” the report stated.

By: Babajide Okeowo

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