₦airaland Forum

A significant drop in the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has sparked anticipation of a potential reduction in the pump price of the commodity.

According to the Major Energies Marketers Association of Nigeria (MEMAN), the landing cost has plummeted to N981 per litre, a substantial decrease from recent prices.

The decline, which is attributed to a drop in global crude oil prices, could bring relief to consumers who have been grappling with rising fuel costs in recent months in the country. The previous landing cost, hovering around N1,130 per litre, has been reduced by over N140 as of September 25, 2024.

Crude oil prices and foreign exchange rates are key determinants of refined petroleum product costs, including petrol, diesel, aviation fuel, kerosene, and others. Brent crude, the global benchmark, has been fluctuating between $70 and $75 per barrel this month, down from an average of $80 per barrel in August.

The decrease in landing cost coincides with the resumption of petrol imports by major oil marketers in Nigeria. Following the recent deregulation of the downstream oil sector, these marketers have begun importing good volumes of PMS to supplement domestic production.

The Dangote Petroleum Refinery, which recently commenced operations, is also contributing to the domestic supply of petrol. However, there have been discrepancies regarding the sale price of the refinery’s product to the Nigerian National Petroleum Company Limited (NNPC). While the NNPC has claimed to purchase the fuel at N898 per litre, the refinery has denied this figure.



It can be recalled that while the NNPC said it bought fuel from the refinery at the price, it hiked the pump price of the commodity to over N1000/litre.

Also, it was observed that the difference between imported petrol and that of Dangote might be N83 less if calculated by N898, which the NNPC claimed it bought the Dangote fuel. This implies that marketers may decide to sell imported fuel for a price comparatively lower than those obtained from Dangote Refinery.

Source : https://politicsnigeria.com/petrol-prices-expected-to-change-as-marketers-quote-new-landing-cost/

Make them do give us cheap fuel.

Another empty promises and statistics to deceive gullible nigerians 😏😏

Tinubu has charged Nigerians to go and negotiate with the NNPCL, fuel prices are not his responsibility

Mtchewwwwwwwww

The good thing about this fuel price is that it has reduced traffic especially in the evening..

Potential

This is not getting funny anymore, there will be serious consequences if they increase fuel prices.


Nigeria will burn. 🔥

To show you how people love bad news, even the publication was reluctant to state that there would be a reduction in pump price.

Nigerians deserve wahala.

The truth is eeh, I can't blame Mr President anymore. There 're people trying to sabotage the country for their personal gain. I even read at a point that some marketeers were angry about the reduction in the price of ppms.
Can Nigeria ever get better? If YES, who do you think can bring the change? I see nobody in this current set of politicians bringing the desired change we need.

Lol Nigerian fuel price does not obey law of gravity, it goes up and never come down .know this and know peace

For this naija? Price drop? Impossicant.

able20:
Tinubu has charged Nigerians to go and negotiate with the NNPCL, fuel prices are not his responsibility

But selling of Nigerian crude oil and spending the money is his responsibility

Nigerians and there shock absorber for sufferings needs to be studied.....

able20:
Tinubu has charged Nigerians to go and negotiate with the NNPCL, fuel prices are not his responsibility

Really? But he’s the petroleum minister naw

Sometime I do wonder if you guys don't think at all who is administer NNPC ? Who sold crude oil to Dangote?

Before price of petrol is control by Government .

able20:
Tinubu has charged Nigerians to go and negotiate with the NNPCL, fuel prices are not his responsibility

Wisdomkosi:
Source : https://politicsnigeria.com/petrol-prices-expected-to-change-as-marketers-quote-new-landing-cost/

Liar. Even when dollar is around 1,700

Ok

Aremwayne:
This is not getting funny anymore, there will be serious consequences if they increase fuel prices.


Nigeria will burn. 🔥

burna boy

Damnnn niggar

If them like am make them dey change am up and down

Me nor go buy fuel again

I don park my lexus for compound

Nor be me V6 engine want dey suck he money with double exhaust

Nigerians are tired of all this nonsense called fake hope.

You mean the difference between six and half a dozen

Government that is very heartless

Inflation na your mate

No be only.....anybody wey put mind for this current government go just develop HBP for nothing.

But what's the change here if not to bring down the cost of fuel to where it was before

Golan007:


To show you how people love bad news, even the publication was reluctant to state that there would be a reduction in pump price.

Nigerians deserve wahala.

And where is the reduction

RollinTNDA:
The good thing about this fuel price is that it has reduced traffic especially in the evening..

And "good " for the environment.

Anytime APC hear protest they will start telling Nigerians super story




Fear of October 1st protest has started again...

Drivers these days will enter the fuelling station. " Hey give me 10liters. " afterwards he will ask How much is it. And the reply will be Oga na #12,800. After paying. Driver will shout to passengers. The money una pay me don finish oh.
Its well my country pipu.