Fuel Hike: Oil Marketers Speak On Dropping Petrol Pump Price

The Nigerian oil marketers revealed that the pump price of petrol may plunge marginally in the month of October, due to the fall in global crude oil prices.

The development was disclosed to newsmen in the Federal Capital Territory, Abuja, on Sunday, October 4, by the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, Naija News understands.

According to Gillis-Harry, 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 dip in petrol price in the country. A recent statistics revealed that Brent, the global benchmark against which Nigeria’s crude is priced, had dropped in price by $1.66 or 4.06 per cent as 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.

Gillis-Harry, however, noted that oil marketers, particularly members of PETROAN, would continue to call for enlarged stakeholders meeting to take decisive action on the price of petrol across the country.

“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,” he said.

“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 the petrol price may come down.”

Naija News recalls that the National Industrial Court has restrained the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), their officers, affiliates and privies from embarking on any strike.