As a sign of stability, the Major Energy Marketers Association of Nigeria (MEMAN) has revealed that the landing cost of petrol has declined significantly to N970 per litre as of December 2024 from N971 recorded in November this November.

The development follows a drop in crude oil prices to $73.77 per barrel on Wednesday, December 18, 2024, from $74 per barrel last week.

According to its daily energy bulletin by MEMAN, the latest landing was based on N1,533.57 per dollar and $73.91 barrel for Brent crude.

MEMAN also disclosed that international petroleum products are volatile due to geopolitical and economic factors such as the crisis in the Middle East, the Chinese market shift, and the recent US election outcome.

Also, MEMA said that exchange rate volatility contributed to the landing cost dynamics, stating that those elements are subject to changes that influence petrol prices.

Legit.ng reported that the retail price of petrol remained unchanged in Lagost, with most petrol stations selling at N1,025 per litre despite the recent announcement by Dangote Refinery that it has crashed PMS prices to N899 per litre from N970.

The private sector expects pump price drop

Vanguard reports that the Chairman of the Lagos Chapter of MEMAN said petrol prices are determined by market forces in a deregulated market, affirming that a price drop is possible.

Also, Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), stated that the price of petrol cannot decline instantly as marketers already have large stocks.

He stressed that the fall in price is possible over time due to market forces and FX volatility.