The landing cost of imported premium motor spirit (PMS) has fallen to ₦797.66 per litre due to the ongoing competition among petroleum marketers.
The Major Energies Marketers Association of Nigeria (MEMAN) stated in its daily energy bulletin that this amount reflects a decrease of N20.16 from the ₦817.82 per litre landing cost noted on March 14.
The report further indicated that the spot price at the NPSC-NOJ terminal has decreased to ₦797.73 per litre, down from the ₦817.9 charged the previous week.
Additionally, the average price for the past 30 days has declined to ₦851.76 from ₦854.15 per litre.
MEMAN also reported that the price of Brent crude oil is currently set at $70.58 per barrel, an increase from the $69.88 reported on March 14.
The organization noted that the exchange rate is at ₦1,517.93 per dollar, with the marketers calculating the product quantity at 38,000 metric tonnes.
The decrease in crude oil prices has led to a reduction in PMS prices in Nigeria, with further drops anticipated as landing costs continue to decline.
Recall that two weeks ago, Dangote Refinery reduced its ex-depot PMS price, dropping petrol prices to ₦860 per litre at retail stations, with the Nigerian National Petroleum Company Limited (NNPCL) also making similar adjustments.
