The Price of Premium Motor Spirit (PMS) also known as Petrol is expected to drop as the price of ex-depot prices have crashed.
This is even as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.
The price of Brent is used globally to benchmark the prices of other crudes – major feedstocks – and by extension petroleum products prices.
The Price drop was partly fueled by the U.S. President, Donald Trump’s announcement of sweeping new tariffs.
However, already, the depot prices of Mainland, A.Y.M and Ever have dropped to N918 per litre from N920 and N919 from N920 per litre, respectively.
Also, the depot prices of Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.
According to petroleumprice.ng, oil marketers would likely adjust their pump prices downwards as they get new supplies this week, if the current market condition persists.
Speaking, the President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed optimism that the development would culminate in low costs of fares, goods and services if the fundamentals persist in the market.
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