Breaking News: Landing Cost Of Petrol Now ₦1,117/Litre – What Does This Mean For You?

Breaking News: Landing Cost Of Petrol Now ₦1,117/Litre – What Does This Mean For You?In a recent revelation, the Major Energies Marketers Association of Nigeria (MEMAN) disclosed that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has reached ₦1,117 per litre as of Tuesday, July 16, 2024. This disclosure came during a webinar with journalists on Wednesday.

MEMAN also revealed that the landing cost of diesel stands at ₦1,157 per litre, while aviation fuel costs ₦1,127 per litre. These figures were obtained from independent energy price benchmark providers and aim to keep the public informed about the current state of fuel prices.

Currently, filling stations operated by the Nigerian National Petroleum Company Limited (NNPC) and major marketers sell petrol between ₦617 and ₦660 per litre, while independent marketers sell it for ₦700 per litre or more. Despite NNPC’s denial of subsidising PMS, the landing cost had remained undisclosed until now.

Energy sector expert, Wumi Iledare, highlighted the significant gap between the cost of diesel and petrol in Nigeria, noting that it is unusual compared to global standards. He suggested that the current price of petrol does not reflect the true market cost of production, raising questions about potential under-recovery or hidden subsidies.

What do you think about the soaring landing cost of petrol? How do you think this will impact the economy and your daily life? Share your thoughts and opinions in the comments below!