Brent falls to $93, but petrol remains expensive in Nigeria
By the AFREEQUE newsroom, based on Daily Trust
The price of Brent fell 4% to $93 a barrel, while petrol prices remain high in several parts of Nigeria. The estimated import cost in Lagos fell to nearly 1,072 naira per litre, according to Daily Trust.
The estimated cost of making imported petrol available in Lagos fell to nearly 1,072 naira per litre, according to Daily Trust. This level is now significantly below the wholesale prices of the Dangote refinery, widening the gap between imported and locally produced petrol.
Among distributors, price cuts remain limited. AA Rano, Aliko and AY Maikifi lowered their prices from 1,430 to 1,420 naira per litre, while the Nigerian National Petroleum Company Limited (NNPC), Nigeria's state-owned oil company, and Optima are keeping their prices at 1,385 naira.
In Borno State, in north-eastern Nigeria, filling stations in Maiduguri are still selling petrol for between 1,440 and 1,450 naira per litre. AY Shafa cut its price from 1,450 to 1,440 naira, but other stations continue to charge between 1,450 and 1,470 naira, Daily Trust reports.
The fall in crude prices is linked to new diplomatic efforts between the United States and Iran aimed at allowing commercial traffic to resume through the Strait of Hormuz. An Iranian proposal discussed during the Qatari Prime Minister's visit to the White House notably provides for the reopening of the strait and an end to attacks on tankers, according to Daily Trust.
