Global oil prices rebounded sharply on Wednesday, climbing by five per cent after falling to $88 per barrel on Tuesday, according to market data.
Brent crude oil rose to $92.43 per barrel as of 10:56 AM WAT, representing a 5.27 per cent increase. The benchmark had earlier surged above $100 per barrel on Monday as tensions in the Middle East crisis continued to intensify.
The price movement followed a reduction in the cost of Premium Motor Spirit (PMS), also known as petrol, by Dangote Petroleum Refinery on Tuesday.
The Chief Communications Officer of Dangote Group, Anthony Chiejina, told Channels Television during a phone conversation on Tuesday that petrol at the gantry will now sell for ₦1,075 per litre, down from ₦1,175 per litre last week, marking a ₦100 reduction.
Petrol distributed through coastal supply channels will now be sold at ₦1,050 per litre, according to the refinery.
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