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BREAKING: Oil Marketers Announce That The Price Of Petrol Will Likely Go Down In October, Based On The Slide In Global Crude Oil Prices

Oil Marketers said on Sunday, that the pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices, Page 36 learnt.

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.

It was learnt that Brent, the global benchmark against which Nigeria’s crude oil is priced, dropped in price by $1.66 or 4.06 percent, as at 13:20pm Central Standard Time, on Sunday.

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 the OPEC basket dipped by $1.77, when compared with what it traded on the preceding day.

Speaking on Sunday night, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, said that the prediction of Marketers is 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.

His words: “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.”

More news later…

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