Petrol pump price may drop marginally in October – PETROAN

The pump price of petrol may drop marginally in October. This is expected to be determined by the recent fall in global crude oil prices.

This was disclosed by National President, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, according to Punch.

According to the group, once 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 the price of petrol in Nigeria.

Global oil prices go south

Brent, the global benchmark against which Nigeria’s crude oil is priced, dropped in price by $1.66 or 4.06% as at 13.20 pm 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 the OPEC basket also dipped by $1.77, when compared with the price it traded on the previous day.

PETROAN’s call

According to the Oil marketers, especially members of PETROAN, they would continue to call for enlarged stakeholders meeting in determining the price of petrol across the country.

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 the proper information to give to you on the latest in price.”

In all, if the slide in crude oil prices persists, he is optimistic that the price of petrol may come down.