It has been reported that the landing cost of Premium Motor Spirit, also known as petrol, was at N1,117/litre as of July 16, 2024. The Major Energies Marketers Association of Nigeria (MEMAN) disclosed this information during a webinar with journalists. The association also revealed that the landing cost of diesel was N1,127/litre, while that of aviation fuel was N1,127/litre.
- The marketers attributed the high landing cost to various factors, including:
- High freight rates
- Increased cost of vessels
- Devaluation of the naira
- High cost of crude oil
- They also stated that the high landing cost has resulted in high retail prices, which are affecting consumer demand
- The marketers appealed to the government to:
- Deregulate the downstream sector
- Allow market forces to determine prices
- Provide incentives to encourage investment in the sector
- They also called for the establishment of a level playing field to ensure fair competition among marketers.
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