The latest decline in global crude oil prices over the weekend has increased pressure on petroleum product marketers and refiners in Nigeria to consider reducing the pump price of Premium Motor Spirit, PMS.
A market survey conducted by ZINGTIE on Sunday showed that Brent crude and West Texas Intermediate, WTI, fell by 0.99 per cent and 1.58 per cent respectively, trading at $103.9 and $100.3 per barrel.
Brent crude had previously climbed beyond $107 per barrel following renewed tensions in the Middle East.
The surge in international crude prices had contributed to a significant increase in domestic petrol prices across Nigeria.
However, the latest movement in the global oil market has renewed calls and pressure on local refiners and petroleum marketers to review their prices downward.
Petrol is currently being sold at between N1,395 and N1,450 per litre at filling stations across Nigeria, while prices in Abuja and surrounding areas range from N1,310 to N1,345 per litre.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, explained in a statement issued on Saturday why it does not have the authority to determine petrol pump prices in Nigeria.
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