The landing cost of petrol decreased to N981 per litre, according to data released by the Major Oil Marketers Association of Nigeria on Thursday.
Previously around N1,130, the petrol landing cost dropped by over N140 as of September 25, 2024, due to the recent decline in global crude oil prices.
Crude traded at $71.41 per barrel on Thursday, down from $73.46 per barrel the previous day, according to industry data from the Petroleum Ministry.
Statistics from Statistica, a global analytics firm, indicated that the average price of Brent crude was $80.36 per barrel in August 2024. The price of crude oil, along with foreign exchange rates, are key factors influencing the cost of refined petroleum products such as petrol, diesel, aviation fuel, and kerosene.
Brent crude, the global benchmark, averaged over $80 per barrel in August 2024 but has fluctuated between $70 and $75 per barrel so far this month.
“This was a decrease from the previous month, following the lower oil demand in China and announcements that the Organisation of Petroleum Exporting Countries were expecting to increase production,” the firm stated.