Expert predicts downward review of petrol pump price

National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, says the pump price of petrol may drop marginally in October.

According to him, once 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 drop in the price of petrol in Nigeria.

Brent, the global benchmark against which Nigeria’s crude oil is priced, dropped in price by $1.66 or 4.06% as at 13.20 pm 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.

Crude oil in the OPEC basket also dipped by $1.77, when compared with the price it traded on the previous day.