Nigeria’s landing cost of Premium Motor Spirit (Petrol) dropped to N971 per litre in November 2024.

This is according to the latest data released by the Major Energies Marketers Association.

The figure represents a 20.23 percent drop in the landing cost of imported petrol, compared to N1,219 per litre recorded in August 2024.

The development is attributed to the fluctuations experienced in the Naira-dollar exchange rate and price of crude at the international market.

At the close of work on Friday, the Naira to Dollar exchange rate stood at N1678.87, while Brent crude was $73.63 per barrel, compared to $80.72 per barrel and an exchange rate of N1,611 per dollar in August 2024.

The drop in the landing cost of petrol comes despite the price of the product being sold at between N1060 per litre and N1,200 per litre in Nigerian National Petroleum Company Limited retail outlets and other filling stations.

Recall that the price of fuel had increased from N617 per litre in August 2024 to over N1060 per litre as of November 11, 2024.

Dangote Refinery recently stated that its petrol is sold at ex-depot prices of N960 and N990 per litre for ships and trucks, respectively.

Meanwhile, in a communiqué released by the Nigeria Labour Congress on Sunday, the union said the country’s pump price of petrol is higher than the market value.