Marketers retain high petrol prices as crude oil crashes to pre-war level

By Obas Esiedesa & Ediri Ejoh

Oil marketers across Nigeria have continued to sell Premium Motor Spirit (PMS), popularly known as petrol, at elevated prices despite a sharp decline in global crude oil prices to levels recorded before the outbreak of the US-Iran conflict.

Brent crude, the international benchmark against which Nigeria’s oil is priced, fell to about $72.48 per barrel on Thursday, down from nearly $120 per barrel at the height of the conflict, raising expectations of further reductions in petrol prices.

However, checks by Vanguard in Abuja showed that filling stations largely retained pump prices introduced during the period of soaring crude prices, leaving consumers burdened with high transportation and energy costs.

Before the conflict began on February 28, petrol sold for between N740 and N930 per litre in Lagos and Abuja. As crude oil prices surged amid fears of supply disruptions through the Strait of Hormuz, pump prices rose sharply, reaching as high as N1,403 per litre in parts of the Federal Capital Territory.