Experts link drop in petroleum prices to forex, others
28 November 2024 |
2:52 am
Experts have attributed the decline in petroleum prices to foreign exchange (FX) volatility and international crude oil prices.They also noted that the newly opened Port Harcourt refinery would foster competition in the market, and bring about positive implications on the West African market.
Experts have attributed the decline in petroleum prices to foreign exchange (FX) volatility and international crude oil prices.They also noted that the newly opened Port Harcourt refinery would foster competition in the market, and bring about positive implications on the West African market.
According to the experts, Nigeria operates a fuel market with emerging transparency in the area of multiple market participation with a fair share of margins along the supply chain between producers, traders, importers, distributors and retailers.
They spoke at the Major Energies Marketers Association of Nigeria (MEMAN) quarterly webinar and engagement, on the theme: ‘Fuel Pricing’. The Vice President of Crude Oil Argus Media, James Gooder, linked a possible crash in prices of petroleum products in Nigeria to the status of foreign exchange (Forex) and the prices of crude oil at the international market.
Gooder, who spoke on “Market Trends Transparency and Fair Pricing”, noted that various factors influenced petroleum pricing in the world and that deregulation and forex were major contributors to the high cost of gasoline in Nigeria.”
According to him, as the naira begins to stabilise against the dollar, the prices are aligning with the foreign market and the cost of crude oil has relatively dropped, even as Dangote announced a reduction in its sales price last week.
Gooder explained that Nigeria’s fuel market, experiencing emerging transparency in various areas, including adequate information circulation about flows and trades, parity of access to information and also multiple market participation, as well as a fair deal for consumers.
In his contribution at the webinar, the Executive Secretary and CEO of MEMAN, Clement Isong, represented by Ogechi Nkwoji, emphasised the critical role of logistics in shaping petroleum pump prices across the country.
He noted that the transportation of petroleum products, particularly Premium Motor Spirit (PMS), from refineries to retail outlets contributes significantly to overall costs borne by marketers and, ultimately, consumers.
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