AGS NEWS – The landing cost of petrol in Nigeria has dropped to N981 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).

This is a decrease from the previous cost of N1,130 per litre, driven by a recent fall in global crude oil prices. As of September 25, 2024, crude oil prices have fluctuated between $70 and $75 per barrel.

Major oil marketers have started importing petrol, with some vessels already arriving in Nigeria.

Meanwhile, the Dangote Petroleum Refinery has ramped up local fuel production.

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The drop in landing costs comes amid rising pump prices, with petrol selling for over N1,000 per litre in some regions.

MEMAN also reported that the landing costs of diesel and aviation fuel are now N1,089 and N1,117 per litre, respectively.

Despite ongoing negotiations on pricing, the Nigerian National Petroleum Company (NNPC) continues to lift petrol from the Dangote refinery.

Nigerians remain hopeful that fuel prices will decrease once the sale of crude oil in naira begins on October 1, 2024.