Crude oil prices dropped to $71.21 on Wednesday even as the Nigerian National Petroleum Company Limited and other fuel marketers retained petrol prices above N1,000 per litre.
According to Oilprice.com, Brent crude fell further to $71.21 on Wednesday, while the United States benchmark, West Texas Intermediate, dropped to $68.16, its lowest level since the US-Iran war started on February 28.
Despite the sharp decline in crude prices from a high of $120 to about $71, petrol prices in Nigeria have recorded only marginal reductions, with some filling stations still selling the product above N1,200 per litre. During the conflict, petrol sold for about N1,300 per litre.
Our correspondent observed on Wednesday that two Nigerian National Petroleum Company Limited retail stations sold petrol at N1,210 per litre in the Ibafo area of Ogun State. This is despite the Federal Government’s warning that petrol prices should reflect the current decline in crude oil prices.
Other filling stations along the Lagos-Ibadan Expressway sold the product at an average of N1,160 per litre.
