The Main Energies Entrepreneurs Affiliation of Nigeria, MEMAN, has put the touchdown value of Premium Motor Spirit, PMS, also called petrol at N971 per litre.
The affiliation mentioned the estimated Nigeria’s touchdown value of petrol dropped by 20.34 per cent to N971.57 per litre over the previous three months.
Regardless of the discount, the retail value of petrol elevated by N443, or 71.79 per cent, from N617 per litre on August 1, 2024, to N1, 060 per litre by November 8, 2024.
Knowledge launched by MEMAN’s competency centre, indicated that oil entrepreneurs imported petrol at N1, 219 per litre whereas Brent crude oil value stood at $80.72 per barrel at an change fee of N1, 611 per greenback in August.
Nonetheless, in November, with an estimated touchdown value of N971.57, Brent crude value benchmark of $75.57 per barrel and an change fee of N1,665.84 per greenback, the product presently sells at N1,060 on the Nigerian Nationwide Petroleum Firm Restricted, NNPCL retail stations and N1,180 on the retailers of impartial entrepreneurs.
