Major Energy Marketers Association of Nigeria, MEMAN, has said that the landing cost of Premium Motor Spirit, PMS, also known as petrol declined marginally to N970 in December 2024, from N971 per litre in November 2024.
This comes against the backdrop of a similar drop in the crude oil price to $73.77 per barrel, Wednesday, from $74 per barrel last week.
The development is largrly seen as a sign of stability in the downstream sector.
In its daily energy bulletin, obtained by Vanguard, MEMAN, said that the latest landing cost was based on N1,533.57/$ and $73.91 per barrel of crude oil (Brent).
It also stated: “International petroleum product pricing is experiencing significant volatility due to geopolitical and economic factors, including events in the Middle East, China market dynamics, and the market of the recent USA elections outcome.
“The foreign exchange rate is also experiencing volatility. Landing cost, being fundamentally influenced by these elements, is likely to change several times intra-day.”
However, the retail price of petrol remained unchanged at N1,025 per litre in Lagos as of press time.
Chairman of the Lagos State Chapter of the association, Ehimen Joseph, said: “The price of petrol is determined by market forces under a deregulated market regime. A drop in price is possible.” [Vanguard]
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