“Unlike their practice anytime there is hike in petrol price, no marketer including NNPC has changed its pump price to reflect the new low price…Why are we like this?” Nigerians react
The landing cost of premium motor spirit (PMS) popularly known as petrol has slumped from N977 to N935.94 per litre.
Platforms Africa reports this quoting latest data released by the Major Energy Marketers Association of Nigeria (MEMAN).
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The MEMAN report, published on Tuesday, November 19, 2024, also indicated that the landing cost of diesel dropped to N1,071.8 per litre, calculated at the exchange rate of N1,659.37 per dollar.
The report disclosed that the landing cost comprised multiple factors, such as finance charges calculated at an annual rate of 32% over 30 days, freight costs over 10 days, and the Nigerian Ports Authority (NPA) fees covering mooring and towage.
Ex-depot prices in Lagos
MEMAN gave the ex-depot price for Lagos at N1,029 per litre for petrol, N1,120 per litre for diesel, N1,040 per litre for aviation fuel and N1,125 per litre for LPG.
The group added that the compressed natural gas (CNG) cost was between N230 per scm and N450. Legit.ng reported that as of Friday, November 15, 2024, the landing cost was about N1,975 per litre.
The adjustment was calculated with an exchange rate of N1,685.93 per dollar, reflecting a decrease from the previous price of N977.45 per litre.
What competition got to do with it
The spot landing cost also crashed slightly to N938 per litre, showing modest improvements caused by exchange rate stability.
Nigeria has been experiencing a reduction in petrol prices following massive importation by the Nigerian National Petroleum Company Limited and oil marketers.
Prices have crashed from N1,200 early in November to about N1,080 per litre in many filling stations.
Analysts say the development is due to intense competition in the downstream petroleum sector between the Dangote Refinery and oil marketers in Nigeria.
No Price Adjustment Yet
A survey by Platforms Africa shows that uptill Friday, November 22, three days after the MEMAN figure showed a low landing cost, no known marketer has adjusted the pump price to reflect the new lower price.
The pumps at all the stations visited by this reputable news organisation showed their pumps still dispalyed the old high prices between N1,090 and N1,200 per litre.
“Who do we blame for this? Unlike their practice anytime there is hike in petrol price, no marketer including NNPC has changed its pump price to reflect the new price,” Adebayo Alamutu, a petroleum Engineer, told Platforms Africa.
“We have to wait probably for one month to get result anytime there is a good new on petrol price, but we suffer the consequences immediately we have the bad news. Why are we like this,” Deborah Igbagboyemi added.
Platforms Africa
