Marketers: Slash Petrol Prices After 77% Crude Oil Plunge

Attention marketers: crude oil prices have dropped 77%, from over $120 to $82 in just 36 hours. Yet our petrol pump prices jumped 47%, from N937 to N1,232 in 96 hours. By today’s rates, petrol in Lagos should cost no more than N948. If Nigeria truly operates a deregulated petrol market, daily shifts in crude prices should reflect daily in pump prices. The current lag penalizes Nigerian consumers. We urge all petroleum marketers and refineries to adjust pump prices swiftly. Let the masses breathe as crude prices continue to fall.

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