Marketers Give Conditions for Crashing Petrol Prices in 2024

As the global economy continues to recover from the impact of the COVID-19 pandemic, oil marketers and experts are keeping a close eye on the market, anticipating changes in the price of petrol.

In 2024, the commencement of operations at the Port Harcourt and Dangote refineries is expected to cause a reduction in the cost of refined products, though experts predict that this decrease will be gradual rather than a massive crash in prices.

According to a recent report by the Nigerian National Petroleum Corporation (NNPC), the commencement of operations at the refineries will lead to an increase in the supply of refined products, which in turn will cause a drop in prices.

However, this drop will not be significant enough to cause a “crash” in prices, as some may hope.

In a statement to the press, an oil marketer said, “While we anticipate a reduction in the cost of refined products in 2024, we must be realistic about the extent of the decrease. The market is still recovering from the effects of the pandemic, and it will take time for prices to stabilize.”

Despite the cautious optimism, there is still hope for a more substantial decrease in petrol prices in the future.

As the global economy continues to recover and demand for oil increases, the market may see a more significant drop in prices.

However, only time will tell if this will happen in 2024 or later.