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Fuel Price To Reduce As Global Crude Cost Lowers

A decline in global crude oil prices could result in lower premium motor spirit (PMS) prices in Nigeria.

Over the weekend, the Major Energies Marketers Association of Nigeria (MEMAN) reported that the estimated import parity cost of petrol into tanks stood at N922.65 per litre—marking a N21 drop from the N943.75 per litre recorded on Thursday.

MEMAN’s data further indicated that Brent crude was priced at $78.29 per barrel, down from $78.88 the previous day, with an exchange rate of N1,550 per dollar.

Waffi TV’s findings on Monday revealed that as of 8:11 am, Brent crude was priced at $78.01 per barrel, falling from over $81 last week.

This development comes less than a week after Dangote Refinery announced a 6.17 percent increase in its ex-depot price, citing rising global crude oil costs as the reason.

Earlier, the refinery had raised its gantry price from N899.50 to N950 per litre, leading to a corresponding hike in the retail price of petrol to N970 per litre at its partner filling stations.

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