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TRENDING NOW| MAN WHO IS DATING BOTH MOTHER & DAUGHTER RELEASE VIDEO OF THEIR TIME TOGETHER (WATCH VIDEO)The Major Energy Marketers Association of Nigeria (MEMAN) has reported a slight reduction in the landing cost of Premium Motor Spirit (PMS), also known as petrol, signaling some level of stability in the country’s downstream sector. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
The landing cost decreased marginally to ₦970 per litre in December 2024, down from ₦971 per litre in November.
This reduction corresponds with a slight decline in global crude oil prices, which fell to $73.77 per barrel on Wednesday, from $74 per barrel the previous week. According to MEMAN’s daily energy bulletin, which was reviewed by Vanguard, the recent landing cost was influenced by an exchange rate of ₦1,533.57 to the dollar and a crude oil price of $73.91 per barrel (Brent).
MEMAN noted that international petroleum product pricing remains highly volatile due to a variety of geopolitical and economic factors. These include ongoing developments in the Middle East, the dynamics of the Chinese market, and the outcome of the recent U.S. elections. Additionally, the exchange rate remains volatile, and the landing cost of fuel is particularly sensitive to these fluctuations. As a result, the landing cost is likely to change frequently, even within a single day.
Despite these fluctuations in the landing cost, the retail price of petrol in Lagos has remained steady at ₦1,025 per litre. MEMAN representatives have emphasized that the price of petrol in Nigeria is largely determined by market forces under a deregulated pricing regime, meaning that prices can fluctuate depending on various factors, including global oil prices and the exchange rate.TRENDING NOW| MAN WHO IS DATING BOTH MOTHER & DAUGHTER RELEASE VIDEO OF THEIR TIME TOGETHER (WATCH VIDEO)
Ehimen Joseph, the Chairman of MEMAN’s Lagos State Chapter, explained that while the price of petrol could theoretically decrease, any such reduction would depend on a number of market variables. He added, “A drop in price is possible,” but it would take time for such a change to be reflected at the pump.
Dr. Muda Yusuf, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), offered further insight, noting that a sudden drop in petrol prices is unlikely due to marketers holding significant stocks. According to him, the reduction in petrol prices would not occur immediately but could happen gradually as existing stockpiles are exhausted. Yusuf explained that any price decrease would depend on sustained market conditions, including foreign exchange volatility, and that a price drop would likely be observed over the course of a month or two, once marketers deplete their current stocks and if the foreign exchange situation stabilizes.TRENDING NOW| MAN WHO IS DATING BOTH MOTHER & DAUGHTER RELEASE VIDEO OF THEIR TIME TOGETHER (WATCH VIDEO)
In summary, while the landing cost of petrol has seen a slight decrease, retail prices in the country have remained stable for now, with experts forecasting that any significant reduction in petrol prices would take time and depend on both market forces and the availability of foreign exchange.…READ -THE.FULL_ARTICLE.HERE.
