Petrol price: Crude oil falls further as Nigerians await pump price reduction
Global crude oil prices fell further on Monday, reigniting hopes for a reduction in Premium Motor Spirit, PMS, pump prices in Nigeria. A market survey by DAILY POST on Monday showed that Brent crude and West Texas Intermediate, WTI, crude fell to $101.5 and $98 per barrel, respectively, at the time of reporting. This means that Brent and WTI […] Petrol price: Crude oil falls further as Nigerians…
On Monday, global crude oil prices took another nosedive, sparking optimism for a possible decrease in Premium Motor Spirit (PMS) pump prices in Nigeria. According to a recent market survey conducted by DAILY POST, both Brent crude and West Texas Intermediate (WTI) crude prices dropped to $101.5 and $98 per barrel, respectively.
The declines amounted to 2.29 percent and 2.37 percent, respectively, compared to weekend prices. This development occurred even as conflicts in the Middle East have led to reduced shipping through the Strait of Hormuz. The number of vessels navigating the strategic waterway dwindled to around a dozen, down from approximately 35.
Interestingly, while tanker traffic improved in Saudi Arabia, the price of petrol at filling stations in Abuja remained stubbornly high, ranging between N1,395 and N1,450 per litre. Some filling stations had already made slight adjustments to their prices in response to increased competition within the downstream petroleum sector.
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.
Also reported by 1 other outlet
- Crude oil price: MCX futures fall on weak global cues, Brent crude at $102 thehindubusinessline.com
