The cost of landing Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria has dropped significantly by 20.34% over the past three months. Despite this reduction, the price of petrol at filling stations has risen sharply, leaving many Nigerians questioning the fairness of the pricing system.
Data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that the estimated landing cost of petrol dropped to N971.57 per litre as of November 8, 2024, from N1,219 per litre in August. During the same period, Brent crude oil prices fell from $80.72 per barrel to $75.57, while the exchange rate moved from N1,611 per dollar to N1,665.84 per dollar. These factors should ideally have led to a reduction in petrol prices. However, pump prices increased from N617 per litre in August to N1,060 at Nigerian National Petroleum Company Limited outlets and as high as N1,180 at stations owned by independent marketers.
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The Nigeria Labour Congress (NLC) has accused petroleum marketers of inflating prices and exploiting Nigerians. According to the union, the current pump prices do not reflect the reduced landing costs and are instead the result of padded costs and excessive profit margins. The NLC has also alleged that powerful players in the industry are intentionally preventing public refineries from becoming operational to maintain their control over pricing.
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The NLC has demanded the immediate activation of public domestic refineries in Port Harcourt, Warri, and Kaduna to break the monopoly held by major marketers. They argue that functional refineries would reduce Nigeria’s reliance on imports, stabilize prices, and alleviate the economic burden on citizens. The union has also announced a nationwide strike starting on December 1, 2024, to push for fair pricing and greater transparency in the energy sector.
Many Nigerians are already struggling under the weight of high inflation, a weakened naira, and rising living costs. The current disparity between landing costs and pump prices has further deepened the economic challenges faced by the average citizen. To address these issues, experts recommend improved regulatory oversight, the restoration of public refineries, and measures to stabilize the naira.
The drop in landing costs offers a glimmer of hope, but without proper interventions, the benefits will remain out of reach for most Nigerians. The government and industry stakeholders must act swiftly to ensure fair pricing and a more equitable energy market.
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