Nigerian filling stations under pressure to reduce fuel price as crude oil falls

The fresh drop in crude oil prices at the weekend has put Nigerian petroleum products marketers and refiners under pressure to cut the price of Premium Motor Spirit, PMS.

A market survey by DAILY POST on Sunday showed that Brent crude and West Texas Intermediate (WTI) dropped by 0.99 per cent and 1.58 per cent to $103.9 and $100.3 per barrel, respectively.

DAILY POST reports that Brent crude had risen above $107 per barrel amid renewed tensions in the Middle East.

The escalation in crude oil prices had seen domestic fuel prices go through the roof in Nigeria.

However, the recent drop in crude oil prices has put fresh pressure on refiners and marketers to reduce domestic fuel prices.

DAILY POST reports that Nigerian filling stations dispense petrol at between N1,395 and N1,450 per litre, while prices range between N1,310 and N1,345 in Abuja and its environs.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a statement on Saturday, explained why it cannot fix petrol pump prices in Nigeria.