The price of Premium Motor Spirit (PMS), popularly known as petrol, has continued its downward trend over the past three weeks, driven by declining global crude oil prices despite renewed tensions in the Middle East.
Brent crude and West Texas Intermediate (WTI) crude settled at around $76 and $71 per barrel respectively on Saturday, extending their recent decline even after fresh hostilities involving the United States and Iran.
The latest market volatility followed comments by United States President Donald Trump, who declared that the ceasefire involving Iran and Israel had effectively ended. His remarks briefly pushed global oil prices higher before they retreated again by Thursday and remained subdued into Saturday.
The renewed geopolitical tensions initially sparked concerns that petrol prices in Nigeria could rise. However, those fears eased as international crude prices continued to soften, reducing pressure on domestic fuel costs.
Reflecting the global trend, the Dangote Refinery has slashed its gantry price multiple times, while depot operators have also reduced their ex-depot prices. The refinery’s gantry price now stands at N1,075 per litre, following at least four successive price cuts prompted by the sustained decline in crude oil prices.
