₦airaland Forum

Global crude oil prices have declined to the $70 per barrel mark, raising fresh expectations among Nigerians that domestic petrol prices could soon be reviewed downward.

The downward slide in crude prices continued on Thursday morning as the benchmark Brent crude slipped to $70 from $71 per barrel it closed on Wednesday.

However, despite the significant drop in international oil prices, the pump price of Premium Motor Spirit (PMS) otherwise known as petrol has remained unchanged in Nigeria despite pressure from Nigerians.

The decline in crude prices comes amid concerns over slowing global demand, easing geopolitical tensions in some oil-producing regions and expectations of increased supply from major producers.

Brent crude, the international benchmark, has retreated from higher levels recorded earlier in the year to around $70 per barrel.

With the deregulation of the downstream petroleum market, movements in global crude prices are expected to influence the cost of refined petroleum products.

This has prompted consumers to question why local pump prices have yet to reflect the latest decline in the international market weeks after.

The federal government through the Ministry of Petroleum and the Federal Competition and Consumer Protection Commission (FCCPC) had called for reduction in pump prices in response to the drastic drop in crude prices.

The Executive Vice Chairman and Chief Executive Officer of the Commission, Mr. Tunji Bello, clarified that the FCCPC does not regulate or approve petroleum prices in Nigeria’s deregulated downstream sector.

“To be clear, the Commission does not regulate or approve petroleum prices in a deregulated downstream market. Our responsibility under the Federal Competition and Consumer Protection Act, 2018, is to promote competitive markets, prevent anti-competitive conduct, and protect consumers from unfair, deceptive and exploitative business practices,” Bello said.

He added that while petroleum marketers often increase pump prices almost immediately whenever global crude oil prices rise, consumers are yet to enjoy corresponding reductions despite the recent decline in crude prices.

“We are concerned that while dealers often respond swiftly by hiking pump prices whenever crude prices rise, it is curious that it is taking forever for consumers to benefit significantly when crude prices fall. Competitive markets must work fairly in both directions,” he stated.

However, there has been a pushback from marketers over the threat of sanctions even as the marketers threaten to embark on strike.

Even as the crude price slipped to $70 as of press time, even lower than the pre-war level, a litre of PMS is still sold at over N1,200 in Lagos and almost N1,300 in the other parts of the country.

Source: https://dailytrust.com/just-in-crude-falls-to-70-but-nigerian-marketers-maintain-n1200-pump-price/

How long will it take for the government to intervene in this daylight extortion and exploitation of Nigerians ?

The same man who doubles as Minister of Petroleum, and is busy eyeing re-election, has not uttered a single word as marketers exploit Nigerians despite crashing crude prices.

This is the same president whose only real energy is reserved for collecting foreign loans and spending them.

Insecurity killing people daily? Silence.

Inflation choking families? Silence.

No power, no jobs? Silence.

Mass kidnapping of school children. Silence.

But petrol prices? Not a single official statement from his office.This lackadaisical, tone-deaf leadership is unacceptable. Tinubu should address Nigerians directly on this matter, not through proxies.

Tinubu can ease price pressure by opening temporary free-market import licenses for fuel marketers to import at competitive landed costs. Once new entrants flood supply, monopoly pricing breaks, competition forces margin compression, and prices naturally reset lower before incumbents lose market share.

Dangote and oil marketers are all criminals

Dem no born Tinubu well to caution Dangote to reduce fuel price as the global price is back to former price level

Nigeria 🇳🇬 no 1 corruption in the world

yarimo:
Dangote and oil marketers are all criminals

This issue is really very easy to solve. The FG should issue over 2000 new import licenses to new entities that will flood the market with petroleum products.

I have always known that Aliko Dangote is a corporate Armed Robber.

yarimo:
Dangote and oil marketers are all criminals

I blame the Federal Government because the country is not ripe for such policy


You can leave the fate of petroleum sector in the hands of an individual

They've messed up cement & some peoples full year salaries cannot pay their house rent

The president should call dangote to order

Wetin concern your president? 2027 is his topmost concern

Rice shaa dey, abi e no dey?

These marketers all have organizations that set prices for their members , they have been taking advantages of Nigerians since the ages. They all have agreement not to sell lower a certain price even if it isn't stated or written down. For Nigeria to truly benefit from free market all these organizations must be scrap they are like parallel government because they dictate for their members

Why is Dangote still selling Petrol at over 1000 naira ? When it should be 800naira to reflect the current market? Dangote is the one embolden them this is why monopoly is very bad for an economy like Nigeria. If we have 5 or more refinery competing for market in Nigeria it wouldn't be like this.

Malali, What's the price of European import marketed at Togo

It will crash in 1-2weeks.

Another factor is demand and supply, Dangote is supplying Saudi Arabia due to war damage. Lots of Gulf countries refineries are inoperable 🤷‍♂️.

Russia oil depots has been hit by Ukraine , Dangote about to be richer like never before.

We are dumped in this country

No one to save us


I no want die syndrome dey kill us

They will say old products. But they didn't say this when it is time to increase

malali:
Source: https://dailytrust.com/just-in-crude-falls-to-70-but-nigerian-marketers-maintain-n1200-pump-price/

And tje price of crude oil was between 65USD to 70USD, while Naira exchanged for 1,410 Naira per USD. Now, crude price has gone down to the pre-war time, while Naira has appreciated against the Dollar too.
So, there is no justification for the wickedly continous high prices of petroleum products in the country.

I know that crude is sweet and the marketers are having a jolly good ride with sweet profits under the coverage of a deregulated market.

The government is helplessly helpless to call these people to order.

Nigerians are the biggest problems to themselves. We are wicked and greedy.

malali:
Source: https://dailytrust.com/just-in-crude-falls-to-70-but-nigerian-marketers-maintain-n1200-pump-price/

And the price of crude oil was between 65USD to 70USD, while Naira exchanged for 1,410 Naira per USD. Now, crude price has gone down to the pre-war time, while Naira has appreciated against the Dollar too.
So, there is no justification for the wickedly continous high prices of petroleum products in the country.

I know that crude is sweet and the marketers are having a jolly good ride with sweet profits under the coverage of a deregulated market.

The government is helplessly helpless to call these people to order.

malali:
Source: https://dailytrust.com/just-in-crude-falls-to-70-but-nigerian-marketers-maintain-n1200-pump-price/

And the price of crude oil was between 65USD to 70USD, while Naira exchanged for 1,410 Naira per USD. Now, crude price has gone down to the pre-war time, while Naira has appreciated against the Dollar too.
So, there is no justification for the wickedly continous high prices of petroleum products in the country.

I know that crude is sweet and the marketers are having a jolly good ride with sweet profits under the coverage of a deregulated market.

The government is helplessly helpless to call these people to order.

Marketer or dangote? See how these apc bandits are always deceiving Nigerians.

And the price of crude oil was between 65USD to 70USD, while Naira exchanged for 1,410 Naira per USD. Now, crude price has gone down to the pre-war time, while Naira has appreciated against the Dollar too.
So, there is no justification for the wickedly continous high prices of petroleum products in the country.

I know that crude is sweet and the marketers are having a jolly good ride with sweet profits under the coverage of a deregulated market.

The government is helplessly helpless to call these people to order.

This is Nigeria, whatever it is that has gone up will never come down.

This is an ignorant post.giv time as old stock has to go.price cannot be changed every week becos crude oil prices has changed.

yarimo:
Dangote and oil marketers are all criminals

including the minister of Petroleum, silence is an acvomplice

bdon123:
This is an ignorant post.giv time as old stock has to go.price cannot be changed every week becos crude oil prices has changed.

I'll just assume that most people posting here are not business people. Imagine if Dangote had bought for $100 and is even yet to refine that batch, he should automatically start selling at a huge loss to Nigerians to make them happy.

Those of you rejoicing over what Wike is doing to Fubara in Rivers while the Government of Tinibu enjoys it, should not have a surprise look here ..

If you ever think that Tinibu will fix fuel pump price to #500 , then you are dreaming in an ocean of confusion and renewed hopelessness....

Nothing concerns Tinibu in this matter, the man is even eyeing to go to France as am seeing his fuel tank is reducing...

They will share rice to calm your nerves and substitute for the high cost of pms

Yet people go dey blame transporters, whereas the actual problem na the Petroleum marketers... Evil people

Man chop man. Naija version of dog eat dog

Many fuel dealers with petrol stations in Nigeria are dark hearted and I'm not surprised by their actions.
This is just akin to periods of scarcity when they hoard fuel to sell at exorbitant prices.
Since petrol has been readily available in the last 3 years or so, periods of sudden changes in world oil prices (either a rise or fall) have become their opportunities for sharp practices.

There are other factors to put into consideration