•As crude oil prices drop
By Udeme Akpan, Energy Editor
Competition among petroleum marketers and depot operators intensified on Tuesday as the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), also called diesel, recorded downward adjustments across major depots in Lagos, Port Harcourt, Warri and Calabar.
This came on the heels of significant reduction in crude oil prices with international benchmark Brent crude falling below the critical $80 per barrel mark.
The development, however, raises fresh concerns over oil-exporting countries’ revenues, including Nigeria’s, if the downward trend persists.
