The recent decline in global crude oil prices has put fresh pressure on Nigerian petroleum products marketers and refiners to reduce the pump price of Premium Motor Spirit (PMS).
A market survey by DAILY POST on Sunday showed that Brent crude and West Texas Intermediate (WTI) fell by 0.99 per cent and 1.58 per cent to $103.90 and $100.30 per barrel, respectively.
The development comes after Brent crude had risen above $107 per barrel amid renewed tensions in the Middle East, contributing to a sharp increase in domestic petrol prices.
Petrol is currently sold at between N1,395 and N1,450 per litre at filling stations in parts of Nigeria, while prices in Abuja and its environs range from N1,310 to N1,345 per litre.
With crude prices now declining, refiners and marketers are facing renewed calls and market pressure to reflect the reduction in domestic petrol prices.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) explained in a statement on Saturday why it cannot directly fix petrol pump prices in Nigeria.
