Fuel prices in Nigeria are set to crash slightly following a drop in the landing cost of petroleum products.
The cost of petrol has fallen to ₦935.94 per litre, down from ₦977, according to sources within major suppliers like the Nigerian National Petroleum Company Limited (NNPCL).
This reduction in landing costs is expected to reflect in lower pump prices at petrol stations nationwide.
The Major Energy Marketers Association of Nigeria (MEMAN) also reports a decrease in diesel prices, with the cost now standing at ₦1,071.8 per litre, based on the current exchange rate of ₦1,659.37 per dollar.
MEMAN’s latest figures show that ex-depot prices in Lagos are ₦1,029 per litre for petrol, ₦1,120 per litre for diesel, ₦1,040 for aviation fuel, and ₦1,125 for LPG.
Meanwhile, Compressed Natural Gas (CNG) is priced between ₦230 and ₦450 per scm. These price drops are attributed to the stable exchange rate in recent times.
