At $72 per barrel of oil, imported petrol should be cheaper in Nigeria – Experts

Experts and other stakeholders, weekend, said at the current price of $72 per barrel of crude oil, the price of Premium Motor Spirit, PMS, also known as petrol, should be cheaper in Nigeria. They said the current price of N1, 025 per litre (Lagos) was taken when crude oil, a major feedstock stood at more than $80 per barrel in the global market September 2024. Since then, they said the price of crude has been volatile before dropping to the current $72 per barrel, without reflecting in the domestic price of petrol.

In different interviews with Vanguard, the experts noted that deregulation as currently practiced should enable the market to respond seamlessly to changes, including crude oil, the major raw material.

On his part, a Port Harcourt-based energy analyst, Dr. Bala Zakki, said: “The irresponsible petroleum products price dynamics in Nigeria is never obtainable in any Organisation of Petroleum Exporting Countries, OPEC member nations and the reason is very simple and straightforward.

“OPEC member nations have their functional state-owned refineries. No responsible government will or should abdicate its responsibilities of providing goods & service to the private sector.

“Globally, private sector operators are known to be shylocks, exploitative and profit maximizers.”

Similarly, Chairman of the Lagos State chapter of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Mr. Joseph Ehimen, said: “The prices that are driven by market forces would slightly fall though it will be a short term because local sources may fight back.”

Also, the Chief Executive Officer, Major Energy Marketers Association of Nigeria, MEMAN, Clement Isong, said: “The global market has been volatile, dropping and going back up and dropping again. Vanguard