Landing cost of petrol now N1,117/litre – Marketers

The Major Energies Marketers Association of Nigeria has announced that the landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024.

MEMAN disclosed this during a webinar with journalists on Wednesday where it revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre.

Filling stations operated by the Nigerian National Petroleum Company Limited and those of the major marketers sell PMS at between N617/litre and N660/litre, while independent marketers sell for N700/litre or more, at the moment.

NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.

According to reports, the revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.

MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.

The association maintained that it would release similar information regularly to keep the masses informed.