The Major Energies Marketers Association of Nigeria (MEMAN) in its daily energy bulletin, said the figure represents a reduction of N20.16 from the N817.82 per litre landing cost recorded on March 14.
According to the report, the on-the-spot rate at the NPSC-NOJ terminal dropped to N797.73 per litre from N817.9 charged in the previous week.
It added that the average cost for 30 days also dropped to N851.76 from N854.15 per litre.
MEMAN also said the price of Brent crude was benchmarked at $70.58 per barrel — up from the $69.88 quoted on March 14.
The group said while the exchange rate stood at N1,517.93 per dollar, the product quantity was calculated as 38,000 metric tonnes by the marketers.
Daily Trust reports that international petroleum pricing is currently experiencing some volatility going by disruption in supply chain caused by trade war and regional tensions.
The drop in price of crude oil has triggered a reduction of PMS price in Nigeria amidst expectations of further reduction with the drop in landing costs.
Dangote Refinery had two weeks ago slashed its ex-depot price of PMS which brought down the price of petrol to N860 per litre at retail outlets with the Nigerian National Petroleum Company Limited (NNPCL) also following suit.
Source: www.dailytrust.com
