Marketers Reveal Petrol Landing Cost At ₦1,117/litre

Nigeria’s landing cost of Premium Motor Spirit (PMS), also known as petrol, now costs ₦1,117 per litre as of Tuesday, July 16, 2024.

On Wednesday, the Major Energies Marketers Association of Nigeria (MEMAN) took the lead in informing the public about the rising fuel costs.

The association revealed that the landing cost of petrol was ₦ 1,117 per litre, a figure obtained from independent energy price benchmark providers.

With the discovery, the association also revealed that the landing cost of diesel was ₦1,157 per litre while also indicating the aviation fuel was ₦1,127 per litre.

In a report by The Punch, the current petrol pump prices as sold by the government-owned filling station, the Nigerian National Petroleum Company Limited (NNPC), fall between N617/litre and N660/litre. In contrast, private marketers sell for N700/litre or more.

NNPC has often denied subsidising the cost of petrol yet refused to disclose the landing cost of the widely used product.

Nonetheless, MEMAN’s Executive Secretary, Clement Isong, maintained that the association would regularly release similar information to keep the masses informed.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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