The recent data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that the cost of bringing in Premium Motor Spirit (PMS), which is often called petrol, has dropped to N975.89 per litre. This drop is mainly because of changes in the prices of crude oil and the rates for exchanging foreign currency.
On Thursday, the prices of crude oil went down. Brent crude oil futures ended at $77.41 per barrel, which is 0.8% less, and U.S. West Texas Intermediate (WTI) futures ended at $73.24 per barrel, which is 0.5% less. This drop is likely to lead to lower prices at gas stations across the country.
The costs of other fuel products also went down. Automotive Gas Oil (AGO), or diesel, is now at N1,076.35 per litre, and Aviation Turbine Kerosene (ATK), or aviation fuel, is at N1,111.97 per litre.
The prices for other petroleum products also went down. Automotive Gas Oil (AGO), or diesel, now costs N1,076.35 per litre, and Aviation Turbine Kerosene (ATK), which is aviation fuel, costs N1,111.97 per litre.
Although this drop in prices is good news for Nigerians, how much the prices will actually decrease depends on several things, like transportation, storage, and distribution costs. As the petroleum market adapts to these changes, people can expect the prices at the pump to go down as well.
