The association said estimated Nigeria’s landing cost of petrol dropped by 20.34 percent to N971.57 per litre over the past three months.
Despite the reduction, the retail price of petrol increased by N443, or 71.79 percent, from N617 per liter on August 1, 2024, to N1,060 per liter by November 8, 2024.
Data released by MEMAN’s competency center indicated that oil marketers imported petrol at N1,219 per liter while Brent crude oil price stood at $80.72 per barrel at an exchange rate of N1,611 per dollar in August.
However, in November, with an estimated landing cost of N971.57, a Brent crude price benchmark of $75.57 per barrel, and an exchange rate of N1,665.84 per dollar, the product currently sells at N1,060 at the Nigerian National Petroleum Company Limited (NNPCL) retail stations and N1,180 at the outlets of independent marketers.
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