Nigerians to pay more for petrol in August as crude oil surges to $44 pb

Nigerians will, barring any unforeseen circumstance, pay above the present N143.80 per litre price for Premium Motor Spirit (PMS) also known as petrol in August.

Crude Oil price, major determinant for petrol price adjustment, has stabilised above $40 per barrel and on Tuesday it soared above the $43.55 price levels as some oil traders remained hopeful that the worse is over with the positive news of the development of vaccines by drugmakers.

Despite the concern of new restrictions due to a surging number of COVID-19 cases, Brent crude futures gained 1.46%, at trade at $43.91 by 9.45 am GMT, while West Texas Intermediate (WTI) rose 0.91% to trade at $41.81.


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