Petrol Price May Drop This Month, Say Marketers

The pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices, oil marketers said.

According to them, since the cost of petrol has been largely determined by the price of crude oil, the recent marginal plunge in crude oil cost could lead to a drop in petrol price in Nigeria.

Findings showed that Brent, the global benchmark against which Nigeria’s crude is priced, dropped in price by $1.66 or 4.06 per cent.

The commodity (Brent) traded at $39.27 per barrel at the same time, while the cost of crude in the OPEC Basket was put at $39.94 per barrel.

The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the prediction of marketers was that petrol price could dip in October.

He, however, said that oil marketers, particularly members of PETROAN, would continue to call for an enlarged stakeholders meeting in determining the price of petrol across the country.

The Petroleum Products Pricing Regulatory Agency commenced the deregulation of the downstream oil sector in March.

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