Marketers: The cost of gasoline arriving is now N1,117 per litre.

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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