Nigeria’s landing cost of Petrol has reportedly dropped to N971 per litre.
This is according to the latest data released by the Major Energies Marketers Association which says the figure represents a 20.23 percent drop in the landing cost of imported petrol, compared to N1,219 per litre recorded in August 2024.
The development is attributed to the fluctuations experienced in the Naira-dollar exchange rate and price of crude at the international market.
The drop in the landing cost of petrol comes despite the price of the product being sold at between N1060 per litre and N1,200 per litre in the retail outlets of the Nigerian National Petroleum Company Limited and other filling stations.
Meanwhile, in a communiqué released by the Nigeria Labour Congress, on Sunday, the union says the country’s pump price of petrol is higher than the market value.