Global crude oil prices fell further on Monday, reigniting hopes for a reduction in Premium Motor Spirit, PMS, pump prices in Nigeria.

A market survey by journalist on Monday showed that Brent crude and West Texas Intermediate, WTI, crude fell to $101.5 and $98 per barrel, respectively, at the time of reporting.

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.

Filling stations in Abuja dispense petrol at between N1,395 and N1,450 per litre, although some retail outlets reduced their pump prices at the weekend.

VAM News had reported that some Nigerian filling stations reduced their petrol prices amid competition in the downstream petroleum sector.