There are indications that the cost of Premium Motor Spirit (PMS) popular as petrol is likely to drop further.
This follows the drop in landing cost of PMS to N774.82 per litre per the latest competency centre daily energy data released by the Major Energies Marketers Association of Nigeria (MEMAN).
Data from MEMAN indicates that estimated import parity into tanks has reduced to N774.82 per litre, a reduction of N152.56 or 16.5 percent from the N927.48 per litre quoted on February 21, 2025 regarding petrol.
The development comes as global oil price drop persists with Brent Crude lowering its price to $70 and US WTI $66.70 as of Wednesday morning, 12 March, 2025, compared to around $76 and $69 in February.
The price drop in global crude price means fuel price may drop further to around N800 per litre, down from the lowest retail prices of N860 and N880 per litre in Lagos and Abuja in the coming days.
Recall that in the beginning of March, the Nigerian National Petroleum Company Limited (NNPCL), and Dangote Refinery reduced their petrol retail prices to N860 and N880 per litre in Lagos and Abuja.
Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said petrol prices may fall to N800 per litre.
“Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre.”
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