International crude benchmarks extended their decline on Monday, raising expectations that retail petrol prices in Nigeria could eventually ease.
Oil market and Nigerian pump prices
- Brent crude was trading at $101.5 a barrel, while West Texas Intermediate stood at $98 when the market was checked on Monday.
- Compared with weekend levels, the two benchmarks had fallen 2.29% and 2.37%, respectively.
- The retreat came as fighting in the Middle East intensified and disrupted shipping activity through the Strait of Hormuz. The number of commodity-carrying vessels using the waterway fell to roughly 12, from about 35, although tanker movements through Saudi Arabia increased.
- Nigeria’s petrol consumers have yet to see a comparable reduction. Retail stations in Abuja were selling Premium Motor Spirit, commonly called PMS or petrol, for between N1,395 and N1,450 per litre.
- Some outlets did cut their charges over the weekend, as competition in Nigeria’s downstream fuel market prompted selected filling stations to lower pump prices.
