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Home Business & Finance

Petrol Landing Cost Declines to N975.89/Litre, Offering Relief to Nigerians

Nnaemeka OkwarabyNnaemeka Okwara
October 10, 2024
in Business & Finance
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Petrol Landing Cost Declines to N975.89/Litre, Offering Relief to Nigerians
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The recent data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that the cost of bringing in Premium Motor Spirit (PMS), which is often called petrol, has dropped to N975.89 per litre. This drop is mainly because of changes in the prices of crude oil and the rates for exchanging foreign currency.

On Thursday, the prices of crude oil went down. Brent crude oil futures ended at $77.41 per barrel, which is 0.8% less, and U.S. West Texas Intermediate (WTI) futures ended at $73.24 per barrel, which is 0.5% less. This drop is likely to lead to lower prices at gas stations across the country.

The costs of other fuel products also went down. Automotive Gas Oil (AGO), or diesel, is now at N1,076.35 per litre, and Aviation Turbine Kerosene (ATK), or aviation fuel, is at N1,111.97 per litre.

The prices for other petroleum products also went down. Automotive Gas Oil (AGO), or diesel, now costs N1,076.35 per litre, and Aviation Turbine Kerosene (ATK), which is aviation fuel, costs N1,111.97 per litre.

Although this drop in prices is good news for Nigerians, how much the prices will actually decrease depends on several things, like transportation, storage, and distribution costs. As the petroleum market adapts to these changes, people can expect the prices at the pump to go down as well.

Tags: federal characterNewsNigeriaOffering Relief to NigerianspetrolPetrol Landing Cost Declines to N975.89/Litre
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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