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HomeNewsGeneral NewsPetrol Price Could Further Drop By N8/litre –Marketers

Petrol Price Could Further Drop By N8/litre –Marketers

Following the crash in crude oil price which warranted the recent slashes in petrol price by the Petroleum Products Pricing Regulatory Agency, the pump price of petrol could drop further by between N5 and N8 per litre, operators in the downstream oil sector have said.

Petrol Price Could Further Drop By N8/litre –Marketers

According to oil marketers, the current PMS cost of N123.5/litre to N125/litre could drop further when other operators join the Nigerian National Petroleum Corporation to start importing products.

However this would happen when every downstream petrol importer begins to access the dollar at the same rate with NNPC, as noted by the senior officials of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria.

According to Aminu Abdulkadir, the Chairman, Board of Trustees, IPMAN, who doubles as Group Executive Director, Nipco Plc, said that the price band for petrol would go down as far as crude oil prices stayed low.

He said;

Dealing with pump products is something that is not definite and that is why the PPPRA provides a band. A band is a range.

Today, as the price is at N123.5/litre, I believe that by the time the market is totally free for marketers to import on their own, the band could still come lower than what it is by at least N5 to N8.

He stated that, the fluctuation in global crude oil prices would cause changes in petrol price in Nigeria.


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