Oil marketers are clamouring that market indicators should determine the price movement of Premium Motor Spirit, commonly known as petrol, even if it means the price could potentially reach N700. “If the prices in neighbouring countries reflect true market prices and our own do not, there is still a danger. For Osatuyi, the current price of petrol is a “transitional price”. According to the data, global oil prices upon which local petrol is priced have come under pressure, and would mean a reduction in price in July. However, while countries with stronger currencies would see local petrol prices drop, Nigeria on the other hand would not, as it recently devalued the naira.

Source: Punch July 24, 2023 17:09 UTC