Marketers of petroleum products have expressed anticipation of a possible crash in the prices of Premium Motor Spirit (petrol) following the drop in crude oil prices.
The Petroleum Products Retail Outlet Owners Association of Nigeria said there could be a new price regime from today (Monday) based on the reduction in the cost of crude oil.
The PUNCH reports that the Dangote Petroleum Refinery, the Nigerian National Petroleum Company Limited and other fuel marketers have kept petrol prices above ₦900 per litre despite the decline in the price of crude oil.
It was observed over the weekend that petrol price remained at the range it was raised to when crude prices rose close to $80/barrel recently, when the conflict between Israel and Iran escalated.
Dangote, NNPC and other major fuel distributors in Nigeria hiked petrol prices less than two weeks ago, blaming this on the rise in crude oil prices on the international market.
The pump prices of petrol hovered between ₦915 and ₦955 at the pumps, depending on the location. It was below ₦900 before the sudden hike.
There were reports that the product was sold at ₦960 and ₦980 in the far north because of the distance.
However, as crude prices fell below $70 within the past few days, the pump prices of PMS maintained their latest position.
Also Read: How Iran War Would Push Price Of Petrol Up In Nigeria
It was noted that crude oil prices ended the week lower than they started it because Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East.
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