Major Energies Marketers Association said Nigeria’s landing cost for Premium Motor Spirit (Petrol) dropped to N971 per litre in November 2024.

The association disclosed this in a data on Monday.

The recent decrease is attributed to fluctuations in the Naira-to-Dollar exchange rate and variations in the price of crude oil in the international market as the figure reflects a 20.23% decrease in the landing cost of imported petrol compared to the N1,219 per litre recorded in August 2024.

As of Friday’s close of business, the Naira-to-Dollar exchange rate stood at N1678.87, while Brent crude was priced at $73.63 per barrel, down from $80.72 per barrel and an exchange rate of N1,611 per dollar in August 2024.

Despite the drop in landing costs, petrol is still being sold at prices ranging from N1060 per litre to N1,200 per litre at Nigerian National Petroleum Company Limited (NNPC) retail outlets and other filling stations.

Petrol prices spiked from N617 per litre in August 2024 to over N1060 per litre as of November 11, 2024. Dangote Refinery recently announced that its petrol is sold at ex-depot prices of N960 and N990 per litre for ships and trucks, respectively.

Additionally, a communiqué released by the Nigeria Labour Congress on Sunday highlighted that the pump price of petrol is higher than its market value.