The landing cost of imported premium motor spirit (PMS) has fallen to ₦797.66 per litre due to the ongoing competition among petroleum marketers.
Torizone reports that the Major Energies Marketers Association of Nigeria (MEMAN) stated in its daily energy bulletin that this amount reflects a decrease of N20.16 from the ₦817.82 per litre landing cost noted on March 14.
The report further indicated that the spot price at the NPSC-NOJ terminal has decreased to ₦797.73 per litre, down from the ₦817.9 charged the previous week.
Additionally, the average price for the past 30 days has declined to ₦851.76 from ₦854.15 per litre.
MEMAN also reported that the price of Brent crude oil is currently set at $70.58 per barrel, an increase from the $69.88 reported on March 14.
The organization noted that the exchange rate is at ₦1,517.93 per dollar, with the marketers calculating the product quantity at 38,000 metric tonnes.
It is worth noting that international petroleum pricing is currently facing some fluctuations due to supply chain disruptions caused by trade conflicts and regional unrest.
The decrease in crude oil prices has led to a reduction in PMS prices in Nigeria, with further drops anticipated as landing costs continue to decline.
Two weeks ago, Dangote Refinery reduced its ex-depot PMS price, dropping petrol prices to ₦860 per litre at retail stations, with the Nigerian National Petroleum Company Limited (NNPCL) also making similar adjustments.
