Reports have indicated that the price of Premium Motor Spirit (PMS) may be on a downward slope if the crude oil prices continue to slip.
According to PUNCH reports, this will also be boosted as the naira maintains its position against the dollar in the foreign exchange market.
Oil prices dipped about two per cent to a 12-week low this week amid reports that OPEC+ will go on with an increase in oil output in April.
Brent futures dropped $1.19, or 1.6 per cent, to settle at $71.62 a barrel, while the United States West Texas Intermediate crude fell $1.39, or two per cent, to settle at $68.37.
Reports say, the Organization of the Petroleum Exporting Countries and allies like Russia, known as OPEC+, decided to proceed with a planned April oil output increase.
Players in the Nigerian downstream oil sector have said the crude oil price and the exchange rate are the major determiners of the costs of refined petroleum products.
Recall that last week, the Dangote refinery reduced its ex-depot PMS price from N890 per litre to N825.
