Nigerian petroleum products marketers have announced a drop in premium motor spirit pricing, effective today, Tuesday.
This comes as the economy shuts down today due to the federal government’s declaration of a public holiday to celebrate former President Muhammadu Buhari.
This comes at the same time as the federal government has set aside Tuesday, July 14th, 2025, as a national holiday in memory of Muhammadu Buhari.
On Tuesday, he will be laid to rest in Daura, Katsina State, following his death in London on Sunday, July 14th, 2025.
Those in the petroleum marketing industry have pointed to the benefits of downstream sector liberalisation as the reason for the recent price drop at Africa’s largest refinery.
This cut is part of a larger trend of declining global crude oil prices; as of Monday’s report filing, Brent crude futures stood at $69.10 per barrel and West Texas Intermediate crude futures at $66.98 per barrel, down from over $70.