Petrol price: Crude oil falls further as Nigerians await pump price reduction

Global crude lipid prices fell further on Monday, reigniting hopes for a simplification successful Premium Motor Spirit, PMS, pump prices successful Nigeria.

A marketplace survey by DAILY POST on Monday showed that Brent crude and West Texas Intermediate, WTI, crude fell to $101.5 and $98 per barrel, respectively, astatine the clip of reporting.

This means that Brent and WTI recorded declines of 2.29 per cent and 2.37 per cent, respectively, compared with prices traded at the weekend.

The improvement comes contempt heightened struggle successful the Middle East, which has led to a driblet successful shipping done the Strait of Hormuz.

Data showed that the fig of commodity vessels transiting the Strait of Hormuz dropped to astir a dozen, down from astir 35, adjacent arsenic tanker postulation improved successful Saudi Arabia.

Despite the diminution successful crude lipid prices, petrol pump prices person remained precocious successful Nigeria.

Filling stations successful Abuja dispense petrol astatine betwixt N1,395 and N1,450 per litre, though immoderate retail outlets reduced their pump prices at the weekend.

DAILY POST had reported that immoderate Nigerian filling stations reduced their petrol prices amid contention successful the downstream petroleum sector.<...