Following the drop of Global crude oil prices on Monday,21 September, 2026, Nigerians are hoping the pump prices of Premium Motor Spirit, PMS, pump will dropped drastically in Nigeria.
As at the time of filing this report, It was gathered that Brent crude and West Texas Intermediate, WTI, crude fell to $101.5 and $98 per barrel, respectively,.
This means that Brent and WTI recorded declines of 2.29 per cent and 2.37 per cent, respectively, compared with prices traded at the weekend.
The development comes despite heightened conflict in the Middle East, which has led to a drop in shipping through the Strait of Hormuz.
Data showed that the number of commodity vessels transiting the Strait of Hormuz dropped to about a dozen, down from around 35, even as tanker traffic improved in Saudi Arabia.
Despite the decline in crude oil prices, petrol pump prices have remained high in Nigeria.
Most filling stations in the country still sell petrol at between N1,395 and N1,450 per litre, although some retail outlets reduced their pump prices at the weekend.
