Depot prices of Premium Motor Spirit (PMS), popularly known as petrol, across Nigeria is expected to decline to N1,000 per litre as the strait of Hormuz reopens on US-Iran proposed peace deal.
BusinessDay’s analysis showed that when Brent crude traded around $84 per barrel in March, Dangote Petroleum Refinery reduced its gantry price for PMS to N1,075 per litre.
Since the announcement of a peace deal by Donald Trump, president of the US, over the weekend, crude oil prices have fallen by more than 4 percent. According to oilprice, Brent crude fell to $83.3 per barrel while West Texas Intermediate traded at $80.5 per barrel on Monday afternoon.
With Brent, the benchmark of Nigeria’s crude, trading near $83 per barrel and continuing to weaken, industry analysts project that petrol prices could fall to around N1,000 per litre in the coming weeks if current market conditions persist.
The anticipated reduction would
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