Yomi Durojaye
Crude Oil Refinery Owners Association of Nigeria has said that the price of Premium Motor Spirit (petrol) can drop below N400 per litre with the current crash in crude oil prices.
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| Crude price crash: Petrol can drop below N400/litre — Refiners |
CORAN argued that there is no reason petrol should not be sold at NN350 per litre if crude prices eventually fall to $50 per barrel.
However, CORAN said petrol prices will continue to rise despite the crash in crude prices and the reduction in its landing cost.
CORAN feared that unless the Federal Government continues the naira-for-crude deal, the price of petrol will be on the rise even if the price of crude oil falls to $50 per barrel.
The PUNCH reports that oil prices plunged last week to $65 per barrel as the United States import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks.
The price had appreciated earlier when US President Donald Trump imposed tariffs on any country that buys crude from Venezuela.
However, oil prices turned the corner as of Friday, with Brent falling to $65, the first time since 2021.
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