Premium Motor Spirit (PMS), also known as petrol, now costs ₦971 per litre in Nigeria as of November 2024.
The Major Energies Marketers Association of Nigeria reports a 20.23% fall from August’s price of ₦1,219 per liter. This reduction is due to changes in the Naira-to-dollar exchange rate and the world crude oil price.
As of the last trading day, the Naira was valued at ₦1,678.87 per dollar, while Brent crude oil was priced at $73.63 per barrel. In August, crude stood at $80.72 per barrel and the exchange rate was ₦1,611 per dollar.
Despite the reduced landing cost, petrol prices at the pump remain high, with consumers paying between ₦1,060 and ₦1,200 per litre across different stations, including Nigerian National Petroleum Company Limited outlets.
Petrol prices have risen steeply from ₦617 per litre in August to over ₦1,060 per litre by November. The recently announced ex-depot prices from Dangote Refinery stand at ₦960 per litre for petrol transported by ships and ₦990 for trucks.
The Nigeria Labour Congress (NLC) has voiced concerns, highlighting that the high pump prices continue to exceed market values and raising questions about fair pricing for consumers.
