The Major Energy Marketers Association of Nigeria (MEMAN) announced on Thursday that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has decreased to N981.08 per litre in September 2024, down from N1,130 in July.
This decline of N148.92 per litre is attributed to the recent fluctuations in global crude oil prices, which have settled between $70 and $75 per barrel in September, a drop from $80 in August. However, Nigerian consumers are currently paying between N950 and N1,100 for petrol, depending on their location.
This announcement follows a recent petrol price hike by the Nigerian National Petroleum Company (NNPC), which began lifting petrol from the Dangote Refinery on September 15, 2024. The NNPC reported that it acquired petrol produced by the Dangote Refinery at N898 per litre, a claim that the Dangote Group has contested without disclosing its actual pricing.
As discussions around petrol prices intensify, the House of Representatives has called on the Dangote Refinery to disclose its petrol prices and sell directly to petroleum marketers to ensure transparency and fair pricing.
In related news, Aliko Dangote, President of the Dangote Group, has urged the Nigerian government to completely suspend the petrol subsidy, suggesting it would help stabilize the market.
