Fuel Price Set to Drop as Global Crude Costs Decrease

 

Nigeria is poised to experience a reduction in fuel prices due to the recent decline in global crude oil prices. 

This development could lead to lower costs for premium motor spirit (PMS), offering relief to consumers who have faced high fuel prices, currently ranging between N900 and N950 per liter.

 Industry stakeholders have projected that prices could potentially drop to as low as N500 per liter in 2025, driven by increased local refining capacity and stable forex policies. 

However, recent reports also indicate potential price hikes due to international market fluctuations