The Major Energy Marketers Association of Nigeria (MEMAN) announced on Wednesday that the cost of landing Premium Motor Spirit (PMS), also known as petrol, reached N1,117 per litre on Tuesday, July 16, 2024.
MEMAN disclosed this during a webinar with journalists, revealing that the landing costs of diesel and aviation fuel were N1,157 per litre and N1,127 per litre, respectively.
Reportedly, the landing cost of petrol in Nigeria now tremendously exceeds its pump price.
Currently, petrol stations operated by the Nigerian National Petroleum Company Limited (NNPC) and major fuel retailers sell PMS for prices ranging from N617 to N660 per litre, while independent marketers charge N700 per litre or more.
NNPC, the sole importer of petrol in Nigeria, maintains that it does not subsidize the price of PMS but has consistently declined to disclose the landing cost of the product.
