Global crude oil prices dropped further on Monday, raising hopes of a reduction in Premium Motor Spirit (PMS) pump prices in Nigeria, even as fuel remains expensive at filling stations.
A market survey by DAILY POST showed that Brent crude fell to $101.5 per barrel, while West Texas Intermediate (WTI) dropped to $98. That is a decline of 2.29 per cent for Brent and 2.37 per cent for WTI compared with weekend trading.
The fall comes despite escalating conflict in the Middle East, which has disrupted shipping through the Strait of Hormuz. Data showed that the number of commodity vessels transiting the waterway fell to about a dozen, from around 35, although tanker traffic out of Saudi Arabia improved.
In Nigeria, the lower crude prices have yet to significantly ease costs at the pump. Filling stations in Abuja currently sell petrol at between N1,395 and N1,450 per litre, though some retail outlets cut their prices over the weekend.
DAILY POST earlier reported that some stations had lowered petrol prices amid growing competition in the downstream petroleum sector.
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