Following the appreciation of the naira against the US dollar, the landing cost of petrol has dropped to N945.63/litre from the N981/litre recorded on September 25.
This was disclosed in a report released by the Major Energies Marketers Association of Nigeria (MEMAN) on Monday.
According to the report, the drop in the landing cost of petrol was a direct result of the appreciation of the Naira, as a dollar exchanged for N1,586.26 on September 27 while it was N1,667.22 on September 25.
Additionally, the global benchmark for crude, Brent dropped from the $73.67/barrel recorded in the last report released by MEMAN to $72.45 in the latest report on Monday, a development that must have contributed to the reduction in the landing cost of imported petrol.
The average ex-depot prices of PMS saw a marginal reduction in Lagos, Calabar, and Port Harcourt.
The major marketers disclosed that the landing cost of diesel, which was N1,089/litre previously, dropped to N1,068.04/litre, while aviation fuel also fell from N1,117.34/litre to N1,079.79/litre.
