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 […] The post Crude oil falls further as Nigerians await…
Crude oil prices continued to drop on Monday, increasing prospects for a reduction in pump prices for Premium Motor Spirit (PMS) in Nigeria. A recent market survey conducted by DAILY POST indicated that the price of Brent crude fell to $101.5 per barrel while West Texas Intermediate (WTI) crude reduced to $98 per barrel. This represented a 2.29% and 2.37% decline, respectively, from weekend prices.
The price drop occurred despite ongoing tensions in the Middle East, which have resulted in reduced shipping through the Strait of Hormuz. The number of vessels passing through the Strait of Hormuz dropped to about a dozen, down from approximately 35, while tanker traffic improved in Saudi Arabia. Despite the fall in crude prices, petrol pump prices in Nigeria have remained elevated, with filling stations in Abuja selling petrol for between N1,395 and N1,450 per litre.
Some filling stations had already reduced their pump prices at the weekend, in response to competition in the downstream petroleum sector.
Written by urgent.news from The Chronicle Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
