There could be light at the end of the tunnel for Nigerians as the landing cost of the petroleum product has reportedly dropped to N971 per litre, raising hopes of potential relief for consumers facing high petrol prices.
This reflects a notable 20.23% decrease from ₦1,219 per litre in August, according to data from the Major Energies Marketers Association of Nigeria.
This decline is due to changes in both the Naira-to-dollar exchange rate and the global crude oil price.
As of the latest trading day, the Naira was at ₦1,678.87 per dollar, and Brent crude oil was priced at $73.63 per barrel. This contrasts with August, when crude stood at $80.72 per barrel, and the exchange rate was ₦1,611 per dollar.
Despite the reduced landing cost, petrol prices at the pump remain the same, with consumers paying between ₦1,060 and ₦1,200 per litre across different stations, including Nigerian National Petroleum Company Limited outlets.
Petrol prices have risen steeply from ₦617 per litre in August to over ₦1,060 per litre by November.
The recently announced ex-depot prices from Dangote Refinery stand at ₦960 per litre for petrol transported by ships and ₦990 for that delivered by trucks.
The Nigeria Labour Congress (NLC) has voiced concerns, highlighting that the high pump prices continue to exceed market values and raising questions about fair pricing for consumers.