The pump worth of Premium Motor Spirit (PMS), popularly often known as Petrol, is anticipated to drop as a result of discount within the touchdown price of the product.
Latest knowledge reveal that the touchdown price of the commodity has fallen to N774.82 per litre, making it cheaper than the ex-depot worth of Dangote Refinery’s gas, which stands at N825 per litre.
In keeping with the most recent knowledge from the Main Power Entrepreneurs Affiliation of Nigeria (MEMAN), the estimated price of importing petrol has fallen by N152.56, or 16.5 p.c, from the N927.48 per litre recorded on February 21, 2025.
This decline follows a continued drop in international crude oil costs. Brent Crude has fallen to $70 per barrel, whereas U.S. West Texas Intermediate (WTI) now trades at $66.70 per barrel, down from round $76 and $69 in February.
The decrease crude costs have lowered the price of importing petrol, probably bringing pump costs all the way down to round N800 per litre, from the present N860 to N880 per litre seen in Lagos and Abuja.
Earlier this month, each the state-owned Nigerian Nationwide Petroleum Firm Restricted (NNPC) and Dangote Refinery minimize their petrol costs to N860 and N880 per litre in Lagos and Abuja, respectively.
Talking on the event, Chinedu Ukadike, spokesperson for the Unbiased Petroleum Entrepreneurs Affiliation of Nigeria, stated petrol costs might drop additional.
“Crude oil is a serious part in gas production, so an additional discount in its worth would positively result in decrease petrol costs. It’s doable for it to drop to N800 per litre,” he stated.