LIVE UPDATES
The landing cost of petrol has dropped to N981/litre, according to data released by the Major Energies Marketers Association of Nigeria yesterday.
The petrol landing cost, around N1,130 in previous weeks, came down by over N140 as of September 25, 2024, occasioned by 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.
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.
Amid the drop in petrol landing cost and the hike in the pump prices of the commodity across the country, major oil marketers have commenced the importation of the product.
The Nigerian National Petroleum Company Limited (NNPCL) used to be the sole importer of petrol into the country before the recent hike in the pump prices of the product and the commencement of its production and release by the Dangote Petroleum Refinery.
