•As diesel prices rises across major depots
By Udeme Akpan
The Dangote Petroleum Refinery on Wednesday trimmed its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by ¦ 1 per litre, even as diesel prices climbed across several petroleum depots in Lagos, reflecting mixed trends in Nigeria’s downstream petroleum market.
Meanwhile, the global crude oil prices suddenly surged sharply on Wednesday, with international benchmark Brent crude climbing close to the $80 per barrel mark, signalling renewed strength in the oil market amid heightened geopolitical tensions and expectations of tighter supply.
Latest market data showed that Brent crude rose by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate (WTI) gained $4.78, or 6.79 per cent, to $75.22 per barrel, showing that the prices of petroleum products could rise again if the crude oil prices continue to rise in the global market.
