Fuel Price: Gasoline Landing Costs Fall – Nigerian Marketers

The Major Energies Marketers Association of Nigeria, MEMAN, on Thursday, revealed that the landing cost of Premium Motor Spirit dropped to N981.08 per liter in September 2024 from N1,130 in July.

MEMAN disclosed this in its Competency Center Energy Bulletin data released on Thursday.

The data showed that PMS landings declined by N148.92 per liter during the period under review.

The decline is attributed to the continued fluctuation of crude oil prices in the global market from around $70 per barrel to $75 in September 2024, compared to $80 traded in August.

However, Nigerians buy petrol between N950 and N1,100 depending on the location.

This comes after the Nigerian National Petroleum Company announced another price hike on petrol following the withdrawal of the product from the Dangote Refinery refinery on September 15, 2024.

The state oil company had stated that it had purchased the domestic petrol produced by Dangote Refinery at N898 per litre, but the Dangote group disagreed but did not disclose the price of its product.

The price of petrol across the country has been a topic of discussion in the Nigerian oil and gas sector as Nigerians groan over the high cost of energy.

On Thursday, the House of Representatives asked Dangote Refinery to reveal the price of petrol and sell it directly to Petroleum Marketers.

Meanwhile, Aliko Dangote, president of Dangote Group, in a recent interview with Bloomberg Television, called on the Nigerian government to completely suspend gasoline subsidies.