The cost of landing Premium Motor Spirit (PMS), commonly referred to as petrol, in Nigeria has decreased significantly, dropping by ₦36 to settle at ₦900.28 per litre as of Thursday.
This represents a 3.62% reduction from the previous week’s landing cost of ₦936.75 per litre, according to the latest figures released by the Major Oil Marketers Association of Nigeria (MOMAN). Earlier in the week, the landing cost had further dipped to ₦890.43 per litre before stabilizing at its current figure.
Industry stakeholders have attributed this drop to a mix of favorable global oil market trends and logistical efficiencies.
Fresh data also reveals that oil marketers imported a total of 90,308 metric tonnes of petrol between Tuesday, December 10, 2024, and Friday, December 13, 2024. Using the conversion rate of 1,341 litres per metric tonne, this equates to approximately 121.1 million litres of petrol being brought into the country within three days.
This importation aligns with efforts to stabilize the nation’s fuel supply chain and meet consumer demand during the festive season. Analysts note that the reduced landing cost is likely to ease pressure on oil marketers, who have been grappling with fluctuating import costs due to currency depreciation and global market volatility.
The development underscores the oil sector’s ongoing adjustments to ensure affordability and availability of PMS for Nigerians. However, experts caution that sustained monitoring of global oil prices and exchange rates will be critical in maintaining these gains.
