In a significant development for consumers, the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has decreased to N975.89 per litre, according to the latest figures from the Major Energies Marketers Association of Nigeria (MEMAN).
This decline is attributed primarily to fluctuations in crude oil prices and foreign exchange rates, which are pivotal in determining the cost of refined petroleum products.
On Thursday, global oil markets witnessed a slight downturn, with Brent crude futures settling at $77.41 per barrel, down 60 cents (0.8%). Meanwhile, U.S. West Texas Intermediate (WTI) futures fell by 33 cents (0.5%), ending at $73.24 per barrel.
The reduction in the landing price of petrol is expected to trigger a corresponding drop in retail prices at filling stations nationwide.
However, the degree of this price reduction may vary based on factors such as transportation, storage, and distribution costs, which could temper the anticipated benefits for consumers.
In addition to petrol, MEMAN’s data indicates that the landing cost of Automotive Gas Oil (AGO), or diesel, stands at N1,076.35 per litre, while Aviation Turbine Kerosene (ATK), used for aviation fuel, is priced at N1,111.97 per litre.
