The recent decline in international crude oil prices has increased pressure on Nigerian oil marketers and refiners to reduce the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
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Market data reviewed on Sunday showed that Brent crude fell by 0.99 per cent to about $103.90 per barrel, while West Texas Intermediate (WTI) declined by 1.58 per cent to around $100.30 per barrel.
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The decline followed a period of rising crude prices, with Brent earlier climbing above $107 per barrel amid renewed tensions in the Middle East. The increase in global oil prices had contributed to higher domestic petrol prices in Nigeria.
With crude prices now falling, attention has shifted to whether the reduction will be reflected in the prices paid by Nigerian motorists and other consumers.
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Petrol currently sells for between ₦1,395 and ₦1,450 per litre at several filling stations in parts of Nigeria, while prices in Abuja and surrounding areas range from about ₦1,310 to ₦1,345 per litre.
The latest movement in crude prices has therefore renewed calls for refiners and marketers to review their prices in line with changing market conditions.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), however, said it does not determine or fix petrol pump prices in the country.
The regulator explained that petrol pricing is influenced by market conditions and the operations of players across the downstream petroleum sector.
The development comes as Nigerian consumers continue to monitor fuel prices closely because changes in petrol costs can affect transportation, logistics, businesses and the prices of goods and services.
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