PMS Cost May Drop Further as Crude Prices Fall

The pump price of Premium Motor Spirit (PMS), commonly known as petrol, may decline further as global crude oil prices continue to trend downward. Industry analysts suggest that if the current decline in crude prices persists, the cost of refined petroleum products, including PMS, could see additional reductions in the coming weeks.

Recent market data indicates that crude oil prices have dipped due to a combination of factors, including increased global supply, reduced demand in key economies, and geopolitical developments. Since petrol prices are largely influenced by the cost of crude, a sustained drop in oil prices could translate into lower landing costs for imported fuel.

However, experts caution that several variables, including exchange rate fluctuations, logistics costs, and government policies, will determine how much of the price reduction will reflect at the pump. Additionally, Nigeria’s reliance on fuel imports means that other international market forces, such as refining costs and shipping expenses, could influence the final retail price.

Oil marketers and consumers are closely monitoring the situation, with hopes that continued price drops will provide much-needed relief from high fuel costs. If the downward trend persists, it could ease inflationary pressures and reduce transportation expenses for businesses and households across the country.