In a recent development, the landing cost of imported Premium Motor Spirit, also known as petrol, has dropped marginally to N1,283.81 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN). This is a decrease from the previous landing cost of N1,292.88 per litre, as reported by Vanguard News on October 22, 2026. The latest figure was disclosed by MEMAN in its energy bulletin. The decline in the landing cost of petrol could potentially lead to a reduction in the pump price of the product at filling stations across the country. However, it is important to note that the Petroleum Products Pricing Regulatory Agency (PPPRA) has not yet announced any adjustments to the pump price of petrol. It is also unclear when the new landing cost will take effect. This development comes at a time when the global crude oil price has been on the rise, with Brent crude oil reaching $108.90 per barrel as of October 22, 2026.
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