Shouldn't our Fuel Pump Price reduce since crude oil price has dropped?

NIGERIANS should now be buying cheaper petroleum products with the free-fall of oil prices in the international market.

This is the stance of the Trade Union Congress (TUC).

While the prices of crude oil have moved from above $100 per barrel to below $60 per barrels, the pump price of petrol in Nigeria has remained stagnant at N97 per litre.

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has disclosed that Nigeria loses N24 billion yearly on waivers granted to importers of crude oil.

Meanwhile, imminent shutdown of oil production looms as members of the National Union of Petroleum and Natural Gas (NUPENG) embark on a three-day warning over the sack of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) national officer.

http://allafrica.com/stories/201412151575.html