The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores, has seen a considerable reduction of N36, dropping to N900.28 per litre on Thursday, The PUNCH reports.
According to the latest data released by the Major Energies Marketers Association of Nigeria, the landing cost dropped from around N936.75 per litre, which marketers spent to import products last Thursday, representing a decrease of 3.62 per cent.
Earlier this week, the price had dropped to N890.43. This was as fresh findings showed that oil marketers imported 90,308 metric tonnes of fuel between Tuesday, December 10, 2024, and Friday, December 13, 2024.
Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers brought in about 121.1 million litres of petrol within three days.
The decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply chain factors. However, the retail price of petrol in Nigeria is N1,060.
