Report: Petrol touchdown price drops to N971/litre

The estimated price of touchdown petrol, on Nigeria’s shores, has seen a substantial discount of 20.34 per cent, dropping to N971.57 per litre over the previous three months.

This decline in touchdown price, which displays the worth of importing and distributing the product, signifies some aid when it comes to world market fluctuations and provide chain components.

However, regardless of this discount, the retail value of petrol in Nigeria has sharply elevated by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1,060 per litre by November 8, 2024.

According to information launched by the Major Energies Marketers Association, in its competency centre every day power bulletin, oil entrepreneurs imported petrol at N1,219 per litre at a Brent crude oil value benchmark of $80.72 per barrel and at an change fee of N1,611 per greenback in August. Petrol offered at N617 per litre throughout this era.

But in November, with an estimated touchdown price of N971.57, Brent crude value benchmark of $75.57 per barrel and an change fee of N1,665.84 per greenback, the product at the moment sells at N1,060 on the Nigerian National Petroleum Company Limited retail station and N1,180 at stations owned by unbiased entrepreneurs.

The doc additionally confirmed that the touchdown price stood at N945.63 in September 2024 and N903.64 per litre in October 2024. This improve, regardless of falling touchdown prices, may be attributed to components corresponding to the continued deregulation of the gasoline market, fluctuations within the change fee, rising inflation, and the broader financial challenges going through the nation.

However, consultants say they count on the discount would result in a corresponding drop within the retail value of petrol.

On Sunday, the Nigeria Labour Congress accused gasoline entrepreneurs of inflating petrol costs, claiming the pump value is considerably larger than the precise market worth.

The NLC in a communique launched following its National Executive Council assembly, contended that Nigerians are being exploited, with residents enduring heightened struggling and starvation as a result of authorities insurance policies which might be pushing many into destitution.The group’s name underscores its rising issues over the financial pressure on Nigerians and its dedication to holding each gasoline entrepreneurs and the federal government accountable for residents’ welfare.

Punch