Petrol Price Finally Crashes by Over N300/litre, New Rate Emerges as Marketers Increase Supply

LegitNov 22, 2024Read original

The pump price of Premium Motor Spirit (PMS), also known as gasoline, has decreased compared to a few weeks ago.

Based on recent survey, the pump price was observed to be between N1120 and N1,125 at petrol stations, as opposed to N1400 and N1500 per liter in prior weeks.

The survey revealed that, despite having a comparatively lower price than other stores run by independent marketers in the city, major marketers like the

.'s outlet off Itam junction, in the outskirts of Uyo, have fewer customers waiting in line to purchase their goods, the Whisler Newspaper observed.

A similar experience occurred at other gas stations along Aka Etinan Road, where gas was sold without significant pressure.

Confirming the crash in price, Helen Okorie said confirmed that fuel price in filling stations has dropped significantly from previous weeks.

She said,

"About two weeks ago, there was scarcity of fuel across filling stations and the few stations that opened sold atabnormal price. The situation is beter now as filling stations now have fuel."

Godwin Ekpo, the chairman of the

Product Monitoring Committee (PPMC), pointed out that steady fuel sales at stations designated by the NNPC and some major marketers have increased supply, which has resulted in lower prices among independent marketers.

The landing cost of freighting fuel to

fell to N935.94 per litre, and aviation fuel crashed to N1,117.48 per litre.

A report by the Major Energies Marketers Association of Nigeria (MEMAN), published on Tuesday, November 19, 2024, also indicated that the

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.

Yobe,

, and Kebbi states had the lowest average retail prices for petrol at N939.38, N961.67, and N986.67, respectively.

Lastly, in the zonal profile, the North-West Zone recorded the highest average retail price, N1,036.52, while the North-East Zone had the lowest price, N1,014.55.