The landing cost of Premium Motor Spirit, popularly called petrol, has dropped to N981/litre, according to data released by the Major Energies Marketers Association of Nigeria on Thursday.
The petrol landing cost, around N1,130 in previous weeks, came down by over N140 as of September 25, 2024, occasioned the recent drop in global crude oil prices.
Crude oil prices and foreign exchange rates are the major factors determining the cost of refined petroleum products, including petrol, diesel, aviation fuel, and kerosene.
Brent, the global benchmark for crude, traded above an average of $80/barrel in August 2024 but has fluctuated between $70/barrel and $75/barrel since then.
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.
