Crude Oil Falls to $70 but Petrol Remains ₦1,200/L in Nigeria
Global crude slipped to $70 per barrel on Thursday, sparking calls for lower petrol prices. Despite Brent crude dipping from $71 to $70, local pump rates still stand at over ₦1,200 per litre in Lagos and nearly ₦1,300 elsewhere. Analysts point to easing geopolitical tensions, slowing demand and expected higher output from major producers. In Nigeria’s deregulated downstream sector, movements in international crude should influence the cost of refined fuel. The Federal Competition and Consumer Protection Commission clarified it does not set fuel prices under deregulation but has urged marketers to apply market rules fairly in both directions. Some marketers have threatened a strike amid warnings of sanctions over the stagnant pump price.
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