Petrol price may drop this month, say marketers

•as crude oil price drops by $1.66
Nigeria may purchase petrol at a lower price this month, following a fall in global crude oil prices, oil marketers said on Sunday.

Recall that Checkout Magazine reported that Federal Government deregulation of petrol price means the cost of petrol will largely be determined by the price of crude oil.

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

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

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.

“However, based on the slide in crude oil prices, there is the suspicion that petrol price may come down.”

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