Nigeria’s refiners and depot owners are facing pressure to reduce the gantry and ex-depot prices of Premium Motor Spirit (PMS), commonly known as petrol, following a decline in global crude oil prices.
Brent crude and West Texas Intermediate (WTI) fell to $88.10 and $83.40 per barrel, respectively.
The decline in crude oil prices has increased pressure on the Dangote Refinery and depot owners to reduce petrol prices after prices were raised last week.
Between August 21 and 29, the Dangote Refinery increased its gantry petrol price by ₦100, bringing it to ₦1,265 per litre.
Similarly, depot owners, including Soroman, Bono, Aiteo, Techno Oil and Optima, raised their ex-depot petrol prices to between ₦1,200 and ₦1,215 per litre.
Meanwhile, filling stations operated by MRS, NNPCL and other marketers are currently selling petrol for between ₦1,230 and ₦1,275 per litre in Abuja and surrounding areas.
The recent decline in international crude oil prices could therefore put pressure on refiners and fuel marketers to review their prices downward.
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