The cost of landing Premium Motor Spirit (PMS), or petrol, in Nigeria has dropped by 20.34% to ₦971.57 per litre over the past three months, driven by shifts in the global oil market and supply chain adjustments. However, despite this decrease, retail petrol prices in Nigeria have spiked significantly, reaching ₦1,060 per litre at NNPCL outlets and up to ₦1,180 at independent stations.
Data from the Major Energies Marketers Association reveals that in August, oil marketers imported petrol at ₦1,219 per litre, but by November, the landing cost had decreased to ₦971.57 per litre. Yet, due to factors like market deregulation, exchange rate volatility, and inflation, the pump price remains high.
The Nigeria Labour Congress (NLC) criticized fuel marketers, claiming they are inflating prices excessively, adding to the financial burden on Nigerians already struggling with economic hardship. The NLC’s recent communique condemned the rising retail prices as exploitation, urging a review of current policies that are exacerbating poverty.
