Following the drop in the price of Brent crude to $65 per barrel from $69.90 in the global market, Nigerians may start enjoying decrease in price of Premium Motor Spirit (PMS) popularly called petrol at N918 per litre from N920 and N919 from N920 per litre, respectively.. The development is coming on the heel of the heavy losses encountered following U.S. President Donald Trump’s declaration of swinging new tariffs.
It was learned that the decision of the Organization of Oil Producing Countries, OPEC and its allies, to increase oil output by 410,000 barrels per day scheduled to commence by May 2025 far above the 135,000 barrels originally capped.
Also, the depot prices of companies like Prudent, Eterna and Soroman have dropped to N912 from N913 per litre, N897 from N900 per litre and N915 from N916 per litre, respectively.
According to petroleum price.ng, oil marketers would likely crash their pump prices as they get new supplies next week, if the current market condition persists.(Vanguard)
