Oil marketers have reported a drop in the landing cost of Premium Motor Spirit (PMS), also known as petrol, to ₦922.65 per litre, down by ₦32.35 from the previous rate of ₦955 per litre. This reduction is attributed to falling global crude oil prices and adjusted exchange rates, potentially encouraging marketers to resume petrol imports.
Despite the landing cost drop, petrol prices remain high across Nigeria, with major retailers selling between ₦990 and ₦1,010 per litre in the Federal Capital Territory. Some depot prices have slightly decreased, but challenges persist in the downstream sector, including fluctuating exchange rates and rising freight costs.