The cost of landing petrol in Nigeria dropped from N981 per litre on September 25, 2024, to N945.63 per litre by September 27, following the recent appreciation of the naira.
Data from the Major Energies Marketers Association of Nigeria (MEMAN) revealed that the exchange rate improved from N1,667.22 to N1,586.26 per dollar during this period.
This currency gain, combined with a slight decline in the price of crude oil from $73.67 to $72.45 per barrel, contributed to the decrease in petrol’s landing cost.
Additionally, diesel prices fell from N1,089 to N1,068.04 per litre, while aviation fuel saw a reduction from N1,117.34 to N1,079.79 per litre.
The Nigerian National Petroleum Company (NNPC) had previously increased fuel prices after the Dangote refinery began supplying locally-produced petrol.
Despite these changes, the NNPC maintained that market forces have continued to influence fuel pricing across the country.
Meanwhile, the sale of petrol to NNPC continues at the Dangote refinery as Nigerians are hopeful that the price of the commodity will crash when the naira crude sale begins today (October 1, 2024).
