Nigerian filling stations under pressure to reduce fuel price as crude oil falls
The fresh drop in crude oil prices at the weekend has put Nigerian petroleum products marketers and refiners under pressure to cut the price of Premium Motor Spirit, PMS. A market survey by DAILY POST on Sunday showed that Brent crude and West Texas Intermediate (WTI) dropped by 0.99 per cent and 1.58 per cent to $103.9 […] Nigerian filling stations under pressure to reduce fuel price as crude…
The recent decline in crude oil prices has put pressure on Nigerian petroleum marketers and refiners to lower the cost of Premium Motor Spirit, commonly known as PMS. According to a market survey conducted by DAILY POST, Brent crude and West Texas Intermediate (WTI) prices have decreased by 0.99 percent and 1.58 percent, respectively, to $103.9 and $100.3 per barrel.
The drop in crude oil prices is due to renewed tensions in the Middle East, which initially caused domestic fuel prices to skyrocket in Nigeria. Currently, filling stations across the country sell petrol at prices ranging from N1,395 to N1,450 per liter, with prices in Abuja and its surroundings falling between N1,310 and N1,345.
Despite the drop in crude oil prices, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that it cannot regulate petrol pump prices in the country.
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.
