Nigerian Petrol Marketers Resist Price Cuts as Brent Crude Falls to $70
Updated
Updated · Daily Trust · Jul 5
Nigerian Petrol Marketers Resist Price Cuts as Brent Crude Falls to $70
2 articles · Updated · Daily Trust · Jul 5
Summary
Brent crude slipped to about $70 a barrel, but Nigerian petrol marketers kept pump prices above N1,200 a litre in Lagos and near N1,300 elsewhere.
Marketers say cuts cannot come yet because gantry prices still exceed N1,000 a litre, even as the federal government and FCCPC press for lower retail prices.
Tunji Bello of the FCCPC said the agency does not set fuel prices in the deregulated market, but questioned why dealers raise prices quickly when crude rises and delay cuts when it falls.
The standoff has drawn split views: some economists warn executive price directives would undermine the Petroleum Industry Act, while others back sanctions and marketers have threatened a strike.