Brent Crude Drops to $100, Nigerian Petrol Prices Remain High
On September 22, Brent crude oil prices fell to $100.30 per barrel, while West Texas Intermediate (WTI) dropped to $95.42 per barrel. Despite this decline, Nigerian petroleum depots have not reflected significant changes in wholesale fuel prices.
Premium Motor Spirit (PMS) was priced at ₦1,327 per litre in Warri, with other depots like Optima, Keonamex, and Sharon selling at ₦1,330. Lagos recorded higher prices, with Techno Oil listing PMS at ₦1,350.30 per litre.
Diesel prices showed limited movement, with Automotive Gas Oil (AGO) priced at ₦1,935 per litre in Port Harcourt. The lag in price adjustments is attributed to factors such as existing inventories, refining costs, and foreign exchange rates.
If Brent and WTI prices remain low, it could pressure refiners and marketers to lower prices, potentially leading to cheaper petrol at depots and filling stations.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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