Crude Oil Prices Surge, Impacting Nigerian Fuel Costs
On September 28, Brent crude oil prices increased to $107.20 per barrel, reversing a previous decline. This rise is attributed to Iran's rejection of a ceasefire proposal affecting the Strait of Hormuz, a crucial shipping route.
Between September 21 and September 25, the average price of Premium Motor Spirit (PMS) in Lagos depots fell by N23.50 per litre, with Sahara reducing its price from N1,351 to N1,325 per litre, and Pinnacle from N1,350 to N1,325.50. The diesel market also saw reductions, with Eterna cutting its Automotive Gas Oil (AGO) price from N1,950 to N1,850.
By the end of the week, some depots in Port Harcourt and Warri were selling petrol below Dangote Refinery's reference price of N1,325 per litre. The Dangote Petroleum Refinery has opened to all licensed marketers, allowing broader access to locally refined petrol.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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