Good news as petrol price finally falls by oover N300/litre

• The pump price of Premium Motor Spirit has dropped recently compared to a few weeks ago
• In contrast to previous weeks at N1400 and N1500, price decreased to N1120 and N1,125 at gas stations
• The monitoring committee said increased supply resulted in lower prices among independent marketers

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Compared to a few weeks ago, the pump price of Premium Motor Spirit (PMS), also referred to as gasoline, has decreased.

New pump price of fuel was observed to be between N1120 and N125 at petrol stations. Photo Credit: Contributor
Source: UGC

Based on recent survey, the pump price was observed to be between N1120 and N1,125 at petrol stations, as opposed to N1400 and N1500 per liter in prior weeks.

The survey revealed that, despite having a comparatively lower price than other stores run by independent marketers in the city, major marketers like the Nigerian National Petroleum Company Ltd.'s outlet off Itam junction, in the outskirts of Uyo, have fewer customers waiting in line to purchase their goods, The Whisler Newspaper observed.

Similar incidents occurred at other gas stations along Aka Etinan Road, where gas was being sold without significant pressure.

Godwin Ekpo, the chairman of the Petroleum Product Monitoring Committee (PPMC), pointed out that steady fuel sales at stations designated by the NNPC and some major marketers have increased supply, which has resulted in lower prices among independent marketers.

Legit.ng reported that filling stations nationwide are expected to adjust pump prices again following the crash in fuel landing costs in Lagos, Edo, Port Harcourt and other states in the copuntry.

The landing cost of freighting fuel to Nigeria fell to N935.94 per litre, and aviation fuel crashed to N1,117.48 per litre.

The MEMAN report, published on Tuesday, November 19, 2024, also indicated that the landing cost of diesel dropped to N1,071.8 per litre, calculated at the exchange rate of N1,659.37 per dollar.

The report disclosed that the landing cost comprised multiple factors, such as finance charges calculated at an annual rate of 32% over 30 days, freight costs over 10 days, and the Nigerian Ports Authority (NPA) fees covering mooring and towage.

Cheapest, most expensive states to buy petrol in Nigeria

Legit.ng reported that the National Bureau of Statistics says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by N1,030.46 in September 2024.

Yobe, Sokoto, and Kebbi states had the lowest average retail prices for petrol at N939.38, N961.67, and N986.67, respectively.

Lastly, in the zonal profile, the North-West Zone recorded the highest average retail price at N1,036.52, while the North-East Zone had the lowest price at N1,014.55.

Source: Legit.ng