The Petroleum and Oil marketers have announced on Sunday, October 5, that the pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices.
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 by our correspondent on Sunday showed that Brent, the global benchmark against which Nigeria’s crude is priced, dropped in price by $1.66 or 4.06 per cent as at 13.20pm Central Standard Time.
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.
Crude oil in OPEC basket dipped by $1.77 when compared with what is traded on a preceding day.
Speaking to our correspondent in Abuja on Sunday night, 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 enlarged stakeholders meeting in determining the price of petrol across the country.
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