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Commodities

Crude Oil Price Drop Brings Pressure on Nigerian Fuel Prices

Guavy AI Editorial Team
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Oil
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The recent drop in crude oil prices has put pressure on Nigerian petroleum products marketers and refiners to reduce the price of Premium Motor Spirit (PMS).

A market survey showed that Brent crude and West Texas Intermediate (WTI) dropped by 0.99 per cent and 1.58 per cent, respectively, to $103.9 and $100.3 per barrel.

This comes after Brent crude had risen above $107 per barrel amid renewed tensions in the Middle East, causing domestic fuel prices to skyrocket in Nigeria.

Nigerian filling stations currently dispense petrol at between N1,395 and N1,450 per litre, while prices range between N1,310 and N1,345 in Abuja and its environs.

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