The slump in the price of crude oil in the international market has forced oil marketers to reduce the price of Premium Motor Spirit (PMS) or petrol at the depots in Lagos, THISDAY has learnt. The price of Brent had hit a peak of $115 in June 2014, after an all-time high of $147 in July 2008.
However, after the June 2014 peak, the price slumped to $45.19 per barrel in January 2015, and further down to $42 last week, the lowest level this year. THISDAY gathered that with the crude oil prices at an all-time low, the prices of refined products have also dropped significantly, though most of the marketers were still selling slightly above the government’s approved N77.66 ex-depot price.
A market survey revealed that PMS, which was sold for between N101 and N94 per litre at the depots by the oil marketers a few weeks ago, was selling at ex-depot price of N80 and N79 per litre by the marketers at the weekend.
It was learnt that Integrated Oil and Gas Limited, for instance, was even selling at government’s approved ex-depot N77.66k on Thursday, while some marketers were selling as high as N80. Read more