The Major Energies Marketers Association of Nigeria (MEMAN) has reported a significant decrease in the landing cost of Premium Motor Spirit (PMS) in September 2024. According to MEMAN’s Competency Centre Energy Bulletin, the landing cost of PMS fell to N981.08 per litre, marking a notable reduction from the N1,130 per litre recorded in July of the same year.
This represents a drop of N148.92 per litre during the reviewed period, offering some relief to consumers amid fluctuating fuel prices. The landing cost, which reflects the total cost of importing fuel, including shipping and taxes, has been closely monitored by stakeholders as Nigeria continues to navigate its fuel supply challenges.
MEMAN’s report sheds light on the evolving dynamics of Nigeria’s energy sector, where international market prices and domestic policies play crucial roles in determining the final cost of fuel products. This decline in the landing cost of PMS is expected to have broader implications for fuel pricing at the pump, though factors such as distribution and retailer margins will also influence final consumer prices.
As Nigeria grapples with the need for energy stability and price regulation, this reduction could provide some much-needed ease for both consumers and businesses alike, especially in a climate where fuel costs have been a subject of widespread concern.
This update from MEMAN is expected to influence discussions on the future of fuel pricing and potential regulatory adjustments in the country.
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