Petroleum marketers across Nigeria have expressed optimism over a possible crash in the pump price of Premium Motor Spirit (PMS), following the recent drop in global crude oil prices.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) indicated on Sunday that a new petrol pricing regime could take effect as early as Monday, citing the significant fall in crude oil costs.
Despite the decline in oil prices, major suppliers like the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPC) have continued to maintain petrol prices above N900 per litre. As observed over the weekend, pump prices remained in the range of N915 to N955, depending on location.
The latest price hike occurred less than two weeks ago when crude oil prices surged to nearly $80 per barrel, driven by escalating tensions between Israel and Iran. Marketers had attributed the sharp rise to increased importation and production costs.
However, with the international oil market cooling, PETROAN and other industry stakeholders are urging immediate action to reflect the current realities and bring relief to consumers.
