The Major Energies Marketers Association of Nigeria (MEMAN) has announced a significant change in the landing cost of Premium Motor Spirit (PMS), commonly known as petrol. As of Tuesday, July 16, 2024, the landing cost of petrol stands at N1, 117 per litre. This revelation was made during a webinar with journalists on Wednesday.

In addition to the new petrol landing cost, MEMAN disclosed that the landing cost of diesel is now N1, 157 per litre, and aviation fuel costs N1, 127 per litre. These figures highlight a substantial disparity between the landing costs and the current pump prices of these fuels in Nigeria.

Presently, petrol is sold at filling stations operated by the Nigerian National Petroleum Company Limited (NNPC) and major marketers at prices ranging between N617 and N660 per litre. Independent marketers sell petrol for N700 per litre or more. Despite the high landing cost, NNPC, which is the sole importer of petrol into Nigeria, has consistently denied subsidizing the cost of PMS. The company has also refused to disclose the landing cost until now.

Clement Isong, MEMAN' s Executive Secretary, revealed that the cost figures were obtained from independent energy price benchmark providers. He emphasized that the association would continue to release similar information regularly to keep the public informed.