The pump price of petrol may reduce marginally this month , going by the fall in global crude oil prices , oil marketers said on Sunday .

According to them , since the cost of petrol has been largely determined by the price of crude oil, the recent marginal plunge in crude oil cost could lead to a drop in petrol price in Nigeria.

Findings by our correspondent on Sunday showed that Brent, the global benchmark against which Nigeria’s crude is priced, dropped in price by $ 1 .66 or 4 .06 per cent as at 13.20 pm Central Standard Time.

The commodity (Brent) traded at $ 39 .27 per barrel at the same time, while the cost of crude in the OPEC Basket was put at $ 39.94 per barrel.

Crude oil in OPEC basket dipped by $ 1 .77 when compared with what it traded on the preceding day.

Speaking to our correspondent in Abuja on Sunday night , the National President , Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis- Harry, said the prediction of marketers was that petrol price could dip in October.

He, however , said that oil marketers, particularly members of PETROAN , would continue to call for an enlarged stakeholders meeting in determining the price of petrol across the country.

Gillis – Harry said, “ We will continue to insist that the arm – chair pattern of fixing prices is not correct. You saw the confusion it caused the last time. We are going to have a meeting with them (government) that will involve all the stakeholders.

“ So, hopefully by then we should be able to have proper information to give to you on the latest in price.

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