The Major Energies Marketers Association of Nigeria (MEMAN) revealed that the landing cost of Premium Motor Spirit (PMS) dropped to N981.08 per litre in September 2024 from N1,130 in July.
MEMAN disclosed this in its Competency Centre Energy Bulletin data released recently. The data showed that the landing of PMS dropped by N148.92 per litre in the period under review.
The drop is attributed to the persistent fluctuation of Crude oil prices in the global market to around $70 per barrel and $75 in September 2024 from $80 traded in August.
However, Nigerians buy Petrol between N950 and N1,200 depending on the location. This comes after the Nigerian National Petroleum Company (NNPCL) announced a fresh petrol price hike after lifting the product from the Dangote Refinery refinery on September 15, 2024.
The state-owned oil firm had stated that it bought the domestic petrol produced by Dangote Refinery at N898 per litre, however, Dangote group disagreed but failed to reveal the price of its product.
The price of petrol nationwide has been a subject of debate in Nigeria’s oil and gas sector as Nigerians groan over high energy costs.
Meanwhile, the House of Representatives has asked Dangote Refinery to reveal its petrol price and sell directly to Petroleum Marketers.
The President of Dangote Group, Aliko Dangote, called on the Federal Government to completely suspend petrol subsidy.
