FG Increases Petrol Landing Cost, Dashes Hope of Cheaper Fuel [Video]

• The federal government of Nigeria has adjusted the landing cost of importing petrol into the country
• In a revised template, marketers who were planning to import petrol will pay 4% more to clear their product
• The petroleum market is not fully deregulated, and petrol pump prices will be based on market forces

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

Hopes of a reduction in petrol prices have been dashed following the Federal Government’s decision to increase the landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol.

The latest data from the Nigerian National Petroleum Company Limited (NNPCL) shows that the landing cost of imported PMS has increased by 4%, from N919.55 per litre in September to N956.13 per litre in October 2024.

This increase …