Global crude oil prices recorded another decline on Monday, raising fresh expectations of a possible reduction in the pump price of Premium Motor Spirit, PMS, in Nigeria.
A market survey conducted by ZINGTIE on Monday showed that Brent crude and West Texas Intermediate, WTI, were trading at $101.5 and $98 per barrel respectively, at the time of filing this report.
The latest figures represent declines of 2.29 per cent for Brent crude and 2.37 per cent for WTI compared with their respective weekend prices.
The decline came amid escalating tensions in the Middle East, which have contributed to reduced shipping activity through the Strait of Hormuz.
Available data indicated that the number of commodity vessels passing through the strategic waterway had fallen to about a dozen from roughly 35, although tanker movements in Saudi Arabia recorded an improvement.
Despite the continued drop in international crude oil prices, petrol prices at filling stations across Nigeria have remained relatively high.
In Abuja, motorists currently buy petrol for between N1,395 and N1,450 per litre, although some filling stations adjusted their prices downward over the weekend.
The reduction by some retail outlets has been attributed to growing competition within Nigeria’s downstream petroleum market.
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post.
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…
Keep up with the latest news and be part of our weekly giveaways and airtime…