PETROL PRICE MAY DROP THIS MONTH – MARKETERS
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has predicted that the pump price of petrol may reduce in October.
This was made known by the National President of PETROAN, Billy Gillis-Harry to The Punch correspondents on Sunday, October 4.
Gillis-Harry said the price dip was foreseen as a result of the fall in global crude oil prices.
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He, however, said that oil marketers, particularly members of PETROAN, would continue to organize meetings with stakeholders and the Government to determine 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.
“However, based on the slide in crude oil prices, there is the suspicion that the petrol price may come down.”
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Recall, after the upward review of petrol price from N148 to N151.56 per litre in September, the Federal Government said the major and independent marketers are free to fix the pump price of petrol.
The Petroleum Products Pricing Regulatory Agency (PPPRA) commenced the deregulation of the downstream oil sector in March 2020.
It provided bands showing upper and lower limits for the price of petrol monthly.
However, some operators faulted the decision as they claimed it did not speak well of a deregulated downstream oil sector.
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