Refiners, depot owners face pressure to reduce fuel prices in Nigeria
Nigeria’s refiners and depot owners are under pressure to reduce gantry and ex-depot prices of Premium Motor Spirit, PMS, commonly known as petrol, following a decline in global crude oil prices. DAILY POST reports that Brent and West Texas Intermediate, WTI, crude blends dropped to $88.10 and $83.40 per barrel, respectively. The downward movement in […] Refiners, depot owners face pressure to…
Nigeria's fuel market is facing pressure to lower prices as global crude oil costs have fallen. According to recent figures, Brent and West Texas Intermediate blends have dropped to $88.10 and $83.40 per barrel, respectively. The Dangote Refinery and depot owners are feeling the strain from this decrease in crude prices, as their fuel prices have been rising.
Over a five-day period in early August, the Dangote Refinery increased the price of gantry petrol by N100 to N1,265 per liter. Other depot owners, including Soroman, Bono, Aiteo, Techno Oil, Optima, and MRS, also raised their ex-depot petrol prices to between N1,200 and N1,215 per liter. Currently, MRS and NNPC Limited, the Nigerian National Petroleum Company, are selling petrol at between N1,230 and N1,275 per liter in major cities like Abuja.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
