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Petrol pump prices across various parts of the country have dropped marginally, with oil marketers reducing rates by N80 from N1,200 to N1,120 per litre.

The development follows a crash in the landing cost of petrol, which fell to N939.86 on November 1, 2024, from N981 per litre on September 25, 2024.

Data from the Major Energies Marketers Association of Nigeria (MEMAN) reveals that the landing cost of diesel and aviation fuel also decreased, standing at N1,048.88 and N1,117.94, respectively, as of November 1, 2024.

The association calculated the prices using an FX rate of N1,651.78 and estimated import parity into tank costs at N973.33 per litre for petrol, N1,072.88 per litre for diesel, and N1,123.14 per litre for aviation fuel.

A recent report found out that Mobil filling stations in Lagos sold petrol for between N1,080 and N1,120 per litre, with managers attributing the price reduction to the crashed ex-depot price.

“I think the management decided to be competitive and crashed the price below the one sold by the NNPC. As you can see, our prices are about N40 lower than that of the NNPC,” Legit.ng quoted one of the managers, identified as Olakunle John, as saying.

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has vowed to further reduce petrol prices, announcing plans to import cheaper petrol before December.

PETROAN’s national public relations officer, Joseph Obele, said there is a need for competition in a deregulated environment, dismissing allegations by Dangote Refinery that marketers intend to import inferior products at cheaper prices.