LunagisthubFuel Price Drop Imminent as Landing Cost Falls to N774/Litre
Nigerians may soon enjoy a reduction in fuel prices as the landing cost of premium motor spirit (PMS) has dropped to N774.82 per litre. This decrease is attributed to the persistent decline in global oil prices, with Brent Crude currently trading at $70 and US WTI at $66.70.
According to data from the Major Energies Marketers Association of Nigeria (MEMAN), the estimated import parity into tanks has reduced by N152.56 or 16.5% from N927.48 per litre quoted on February 21, 2025. This development suggests that fuel prices may drop further to around N800 per litre in the coming days.
The reduction in global crude oil prices has been a welcome relief for Nigerians, who have been grappling with high fuel prices and economic hardships. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has also hinted at a possible price drop, with their spokesperson, Chinedu Ukadike, stating that petrol prices may fall to N800 per litre.
This potential price decrease is a positive development for Nigerians, who have been bearing the brunt of high fuel prices. As the global oil market continues to evolve, it remains to be seen how this will impact fuel prices in Nigeria.
Lunagisthub
