The cost of petrol landing in Nigeria dropped to N945.63 per litre on September 27, 2024, down from N981 per litre recorded just two days earlier.
This decline is attributed to the appreciation of the naira against the U.S. dollar. Data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that the naira strengthened from N1,667.22 to N1,586.26 per dollar between September 25 and 27.
Global crude oil prices also played a role, with Brent crude slipping from $73.67 to $72.45 per barrel, further lowering petrol landing costs.
Ex-depot prices of Premium Motor Spirit (PMS) saw minor reductions in key cities like Lagos, Calabar, and Port Harcourt.
Diesel and aviation fuel prices mirrored this trend. Diesel’s landing cost fell from N1,089 to N1,068.04 per litre, while aviation fuel dropped from N1,117.34 to N1,079.79 per litre.
Meanwhile, the Nigerian National Petroleum Company (NNPC) disclosed that petrol prices from the Dangote refinery could exceed N1,000 per litre in northern states, with Borno reaching N1,019 per litre and Rivers at N960.
Although some areas report prices as high as N1,200 per litre, major marketers in Lagos continue to sell petrol at approximately N870 per litre.
As Nigerians anticipate the impact of locally-produced petrol from the Dangote refinery, many hope the upcoming naira crude sales, starting October 1, will bring further price relief across the country.
