The pump price of petrol could drop further by between N5 and N8 per litre, operators in the downstream oil sector have said.
According to oil marketers, the crash in crude oil price warranted the recent slashes in petrol price by the Petroleum Products Pricing Regulatory Agency.
The Chairman, Board of Trustees, IPMAN, who doubles as Group Executive Director, Nipco Plc, Aminu Abdulkadir, said that the price band for petrol would go down as far as crude oil prices stayed low. “Today, as the price is at N123.5/litre, I believe that by the time the market is totally free for marketers to import on their own, the band could still come lower than what it is by at least N5 to N8.”
Abdulkadir said, “They will always partake in determining a band and not to give a fixed price. As the price of crude oil increases, the price of petroleum products will also increase but not as sharply as in an under-deregulated market.
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