Marketers project petrol price reduction as oil falls-Brent, Nigeria’s largest oil producer, went on to say on Thursday that he and local oil producers were warning that such a decline could lead to a drop in international oil prices. discouragement of oil prices.
Company figures show that global oil prices maintained their stability on Thursday as Brent dropped to $ 62.92 / barrel at 6.18pm, down 0.24 / barrel compared to the previous day price.
The stock has fallen in price after hitting a high of $ 70 / barrel last month.
At the beginning of March 2021, Brent climbed to $ 70 / barrel, which is the highest price in more than a year, but has fallen in price since then and reached $ 60 / barrel in most parts of the world.
In response to growth, Nigerian oil traders pointed out that the fall in global oil prices could lead to lower oil prices.
However, they told our correspondent in Abuja on Thursday that this would have been worse if the bottom of the Nigerian oil industry had been stable.
When asked whether the drop in global crude oil prices would warrant a possible decrease in petrol price in Nigeria, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, responded in the affirmative.
He, however, noted that the dollar exchange rate was also a factor that affected petrol price.
“We have seen a drop in oil prices but it will also affect the exchange rate,” he said. As the government tries to reduce the dollar for oil imports, it will certainly have an impact on commodity prices.
“This is because the Forex rate is also part of what we use to increase or decrease the price of oil. So as soon as the price of oil goes down, you can get a reduction in oil prices but you also have to use a price target to find out. ”
In addition, the President of the Nigerian Petroleum Products Corporation, Billy Gillis-Harry, said that the price of oil would have to keep pace with international oil prices when the lower region was added.
“Let the market affect the price of oil products and this will only be achieved when we have a complete recovery. Therefore, there should be no fear of rebuilding the lower section, ”he said.