IPMAN: Another Petrol Price Drop Likely as Global Crude Oil Falls
By Aboki Forex —
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said petrol prices could drop again in the coming days. The reason is the ongoing decline in global crude oil prices.
Chinedu Ukadike, IPMAN’s Public Relations Officer, told Legit.ng that the fall in crude oil prices is already showing at the pump. He said the Dangote Refinery and depots have adjusted their prices downward.
Ukadike explained that local petrol prices move with the cost of crude oil on the international market. He stated: “When there is a reduction in the international market, there will be a drop in petrol price. Domestic reduction is equivalent to the price of crude oil in the market.”
He added that once marketers lift new supply at lower landing costs, Nigerians should expect another downward adjustment at the pump. He noted that marketers consider the gantry price, logistics costs, and other operational expenses before setting final prices.