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Marketers Predict A Drop In Petrol Price.
By Modupe Shodeinde
Oil marketers have predicted a reduction in the price of petrol this month, due to a fall in global crude oil prices.
Marketers in Nigeria have said that the recent marginal drop in the global prices of crude oil could lead to a reduction in petrol price, since the cost of petrol in the country has been determined by the price of crude oil.
The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, on Sunday stated that the drop in petrol price may be in the month of October.
He stated that oil marketers especially members of the PETROAN, would continue to call for an enlarged stakeholders meeting to determine the price of petrol in 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.”
He hoped by then, there would be proper information on the latest in prices of petrol.
“However, based on the slide in crude oil prices, there is the suspicion that petrol price may come down.” He stated.
As at Sunday, Brent, the global benchmark against which Nigeria’s crude is priced, dropped in by price by $1.66.
