Petrol Price May Increase As Brent Stabilises Around $35/barrel

, noted that the agency’s boss had earlier explained that henceforth, the cost of petrol would be determined by the international market price of crude.

“Price will naturally be adjusted to reflect a true picture of market fundamentals at any particular period, high or low,” the PPPRA’s Executive Secretary, Abdulkadir Saidu, had stated while answering questions on the new petrol price regime in Nigeria.

On April 28, 2020, The PUNCH reported Saidu as saying that Nigerians should be ready to pay higher or lower prices for petrol following the liberalisation scheme currently in place.

The PPPRA boss, however, noted that efforts were being made to develop alternative fuels to petrol by deepening the utilisation of Liquefied Petroleum Gas/Compressed Natural Gas as auto gas to help cushion the effect of petrol price increase.

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.”