Nigerian filling stations under pressure to reduce fuel price as crude oil falls
Falling global crude oil prices are placing pressure on Nigerian petroleum marketers to lower domestic fuel prices. Despite the drop in international benchmarks, the Nigerian regulatory authority maintains that it cannot directly fix pump prices.
Why it matters
Fuel pricing is a critical economic issue in Nigeria, directly impacting inflation and the cost of living for the general population.
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.
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