As crude oil prices decline, Nigerian petrol outlets are under pressure to lower fuel prices.
Nigerian petroleum product marketers and refiners are under pressure to lower the price of Premium Motor Spirit, PMS, due to the recent decline in crude oil prices over the weekend.
West Texas Intermediate (WTI) and Brent crude fell by 1.58% and 0.99%, respectively, to $100.3 and $103.9 per barrel, according to a nhausa market survey on Sunday.
According to the nghasua, fresh tensions in the Middle East have caused Brent crude to surpass $107 a barrel.
Nigerian domestic fuel prices skyrocketed due to the rise in crude oil prices.
According to the nghausa, petrol rates in Abuja and the surrounding areas range from N1,310 to N1,345 per litre, while filling stations in Nigeria charge between N1,395 and N1,450 per litre.
In a statement released on Saturday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) clarified why it is unable to regulate petrol prices in Nigeria.