Petrol landing cost drops amid naira appreciation
The landing cost of petrol has dropped from the N981/litre recorded on September 25, 2024, to N945.63/litre as of September 27.
This is according to data released by the Major Energies Marketers Association of Nigeria on Monday.
The drop in the landing cost of petrol happened following the appreciation of the naira against the United States dollar.
In the MEMAN report, a dollar was said to have been exchanged for N1,586.26 on September 27 while it was N1,667.22 on September 25.
Also, Brent, the global benchmark for crude, dropped from the $73.67/barrel recorded in the last report released by MEMAN to $72.45 in the latest report on Monday.
The fall must have also contributed to the reduction in the landing cost of imported petrol.
The average ex-depot prices of PMS saw a marginal reduction in Lagos, Calabar, and Port Harcourt.
