Fuel price to reduce as global crude cost lowers

01/27/2025 2

The reduction in the global prices of crude may lead to a drop in the prices of premium.

According to the report, checks on Monday showed that the global price of Brent crude at 8:11 am stands at $78.01 per barrel, down from over $81 last week.

The Major Energies Marketers Association of Nigeria, MEMAN, noted that the price of Brent crude was benchmarked at $78.29 per barrel, down from $78.88 per barrel, with an exchange rate of N1,550 per dollar.

The development comes barely a week after Dangote Refinery announced a 6.17 percent ex-depot price hike. The company had attributed the hike to increased global crude oil prices.

Industrial stakeholders, who commented on the development in anonymity, said the current lower prices in crude oil upon the coming of Donald Trump’s presidency in the United States may push local petrol prices down in the coming days.

Written by: bossgmsi

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