Bunady
The pump price of Premium Motor Spirit (PMS), popularly known as Petrol, is expected to drop due to the reduction in the landing cost of the product....READ ORIGINAL & FULL CONTENT FROM SOURCE | READ ORIGINAL & FULL CONTENT FROM SOURCE...
Recent data reveal that the landing cost of the commodity has fallen to N774.82 per litre, making it cheaper than the ex-depot price of Dangote Refinery’s fuel, which stands at N825 per litre.
According to the latest data from the Major Energy Marketers Association of Nigeria (MEMAN), the estimated cost of importing petrol has fallen by N152.56, or 16.5 percent, from the N927.48 per litre recorded on February 21, 2025.
This decline follows a continued drop in global crude oil prices. Brent Crude has fallen to $70 per barrel, while U.S. West Texas Intermediate (WTI) now trades at $66.70 per barrel, down from around $76 and $69 in February.
The lower crude prices have reduced the cost of importing petrol, potentially bringing pump prices down to around N800 per litre, from the current N860 to N880 per litre seen in Lagos and Abuja.
Earlier this month, both the state-owned Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery cut their petrol prices to N860 and N880 per litre in Lagos and Abuja, respectively.
Speaking on the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, said petrol prices could drop further.
“Crude oil is a major component in fuel production, so a further reduction in its price would definitely lead to lower petrol prices. It is possible for it to drop to N800 per litre,” he said.
