The estimated landing cost of Premium Motor Spirit (PMS), popularly referred to as petrol, has experienced a notable reduction, dropping by N36 to N900.28 per litre as of Thursday. This marks a 3.62% decrease from the previous N936.75 per litre recorded last week, according to data released by the Major Oil Marketers Association of Nigeria (MOMAN).
In an encouraging trend for oil marketers and consumers alike, the price had already dipped earlier in the week to N890.43 per litre, showcasing a gradual decline in costs. The reduction comes amid ongoing efforts by marketers to stabilize fuel supply, as they imported a total of 90,308 metric tonnes of fuel between December 10 and December 13, 2024.
By standard conversion, this volume translates to approximately 121.1 million litres of petrol being brought into the country within a span of three days. This significant importation underscores the commitment of marketers to ensuring product availability despite global and domestic market pressures.
Stakeholders are optimistic that this trend, if sustained, could lead to further reductions in pump prices, offering some relief to Nigerians grappling with economic challenges. However, experts urge the government to continue providing conducive policies for the downstream sector to foster long-term stability and affordability in fuel prices.
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