There are indications that Nigerians would pay less for the Premium Motor Spirit, PMS, also known as petrol, as the price of Brent dropped to $65 per barrel from $69.90 per barrel in the global market.
The price of Brent is used globally to benchmark the prices of other crudes – major feedstocks – and by extension petroleum products prices.
Based on checks conducted by Sunday Vanguard, the development was partly fueled by the U.S. President Donald Trump’s announcement of sweeping new tariffs.
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The checks further showed that it was also fueled by the decision of the Organisation of Oil Producing Countries and its allies to increase oil output by 410,000 barrels per day starting May 2025 far above the 135,000 barrels originally planned.
Credit: Vanguard
