The landing cost of petrol in Lagos have slightly dropped to ₦975 per litre, down from ₦977.45, according to the Major Energy Marketers Association of Nigeria (MEMAN).
This decrease, driven by exchange rate stability and supply factors, also sees reductions in diesel and aviation fuel prices.
In Nigeria, the landing cost of petrol has seen a slight reduction, now standing at approximately ₦975 per litre, down from ₦977.45. This change, based on an exchange rate of ₦1,658.93 to the dollar, marks a modest improvement in the energy sector.
Furthermore, the spot landing cost also dropped slightly to ₦938 per litre, driven by more stable exchange rates and better supply dynamics.
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The Major Energy Marketers Association of Nigeria (MEMAN) explains that several components make up the landing cost, including finance charges at an annual rate of 32 per cent over 30 days, freight costs for delivery over 10 days, and Nigerian Ports Authority (NPA) fees for services like mooring and towage.
In addition, other fuels have seen price drops as well. Diesel (Automotive Gas Oil) is now priced at ₦1,085 per litre, and aviation fuel (Aviation Turbine Kerosene) stands at ₦1,141 per litre.
These changes, although modest, offer a slight respite for consumers, who have faced fluctuating fuel prices and economic uncertainties.
Consequently, for many Nigerians, even a small decrease in fuel prices brings hope for more stability in the energy market.
However, despite these improvements, the future remains uncertain, with industry watchers closely monitoring how these trends will evolve in the coming months.
