Going by the fall in global crude oil prices, oil marketers on Sunday said they expect a marginal reduction in the pump price of petrol this month.
According to the petrol marketers, the cost of petrol has been largely determined by the price of crude oil, hence, the recent plunge in the cost of crude oil cost is expected to lead to a drop in petrol price in Nigeria.
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Findings have shown that Brent, the global benchmark against which Nigeria’s crude is priced, dropped in price by $1.66 or 4.06 per cent 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 it traded on the preceding day.
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The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, while speaking to journalists in Abuja on Sunday night, confirmed the prediction of marketers.
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.
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Gillis-Harry said, “We will continue to insist that the arm-chair pattern of fixing prices is not correct. You saw the confusion it caused the last time. We are going to have a meeting with them (government) that will involve all the stakeholders.
“So, hopefully by then we should be able to have proper information to give to you on the latest in price.
“However, based on the slide in crude oil prices, there is the suspicion that petrol price may come down.”