A group of oil marketers has explained why the petrol price cannot drop to as low as N300 per litre, denying reports that local refining of crude oil could reduce the pump price of petrol to as low as N300 per litre. The marketers emphasized that this reduction could only happen if the government ensured a steady supply of crude oil to local refineries, highlighting that foreign refineries were taking advantage of Nigeria. Why make Nigerians pay almost N700 per litre when allowing local refineries to operate would reduce the price? He explained, “One barrel of crude oil contains 159 litres and costs about $80. He argued that since crude oil, the raw material for PMS is priced in dollars, a substantial price reduction is unlikely.

Source: Nigerian Tribune June 10, 2024 17:30 UTC