No more N971: Fuel price expected to change as petrol landing cost drops again Nexovant

A new fuel price is expected at filling stations as oil marketers reveal a drop in the cost of importing fuel
The latest changes come against the backdrop of a similar drop in crude oil prices to $73.77 per barrel
Petrol landing costs are primarily determined by the foreign exchange rate, the price of international crude oil, and other factors

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The landing cost of petrol in Nigeria has seen a marginal decrease to N970 per litre in December 2024, according to the latest figures from the Major Energy Marketers Association of Nigeria (MEMAN).

The oil marketers disclosed this in their latest daily energy bulletin, published on their website.

Cost of importing petrol drops Petrol landing cost drops Photo credit: Benson Ibeabuchi/Bloomberg
Source: Getty Images

In November 2024, MEMAN reported that petrol landing cost stood at N971 per litre.

Why petrol cost drops

In its daily energy bulletin, MEMAN said that the latest landing cost was based on N1,533.57/$ and $73.91 per barrel of crude oil (Brent).

Part of the bulletin reads:

“The foreign exchange rate is also experiencing volatility. Landing cost, being fundamentally influenced by these elements, is likely to change several times intra-day.”

However, the retail price of petrol remains unchanged at N1,025 per litre in Lagos. But there are expectations this won’t be for long.

Ehimen Joseph, the Chairman of the Lagos State Chapter of MEMAN, quoted by Vanguard, noted:

“Market forces determine the price of petrol under a deregulated market regime. A drop in price is possible.”

Here is a snapshot of petrol prices in West Africa

Nigeria still has one of the cheapest petrol pump prices in West Africa, even after the removal of the fuel subsidy.

Four most profitable oil companies in 2024

Legit.ng previously reported that four Nigerian oil companies have recorded a post-tax profit of 94% in their cumulative sales in the first nine months of 2024.

Conoil, TotalEnergies, MRS Oil, and Eterna recorded a combined sale of N15.5 trillion during the review period, up from N784.7 billion recorded during the same period last year.

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Source: Legit.ng

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