What is the faith of Nigeria's in the price of petroleum in 2024?
I think this year petrol price will come down, reason being that the locally made petrol popularly known as
(kpo fire) is already making wave. People prefer buying the locally made refined petrol because it is cheaper. And there is competetion in the market between government fuel ⛽ pump price, and locally made petrol price. Even the local petrol is competing each other. Do you know that 2 months ago the local refined petrol was sold at 800 per ragolis plastic bottle but do to the competition among sellers the current price is now #600 per ragolis 1.5liter, making it difficult for petrol stations to sell as they normally sell.
Although not every body that like buying from the black market. But condition of the economy is now making them to find it interesting like never before. They even go to the extent of mixing original petrol with black market. So with this point I have made, I believe that fuel price will come down because no body is willing to spend money in something that they can get cheap. petrol stations are loosing there customers to black market. And in any competitive market price always come down. On like monopoly Market where only few set up price and do as they want and that is the cause of some price hyke in the economy.