Operators in Nigeria’s downstream sector told our correspondent in Abuja that the increase in oil price was good for the country in terms of foreign exchange earnings. They were, however, quick to state that this would cause an upward movement in petrol price at fillings stations. “But considering the recent rise in crude oil price, it is highly possible to see an upward movement in the price of petrol soon,” an impeccable source with the products pricing agency stated. The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said market forces would determine petrol price and this could result in an increase in the petrol cost. Responding to whether there would be an increase in petrol price going by the upward swing in the cost of Brent, he replied, “Well, the reality is that market forces will determine petrol price.”Copyright PUNCH.

Source: Punch May 25, 2020 23:03 UTC