Sept 18,2023.Thank you for reading this post, don't forget to subscribe!
Petroleum marketers have told Nigerians to expect further hike in the pump price of petrol.
The oil marketers explained that this is due to the rise in the cost of crude oil, coupled with the depreciation of the naira against the US dollar, both of which account for over 80 per cent of the cost of PMS.
Brent crude, the global benchmark for oil, rose to $94/barrel on Sunday, September 17, the highest figure in 2023.
Oil had started the year at about $82/barrel, dipped to $70/barrel in June, but traded above $92/barrel in the past week.
Although the Federal Government and the NNPC had insisted that subsidy on petrol had ended, oil marketers said on Sunday that the government was implementing quasi-subsidy.
They explained that with the latest rise in crude oil price, the cost of petrol was meant to increase, stressing that if the government insists on leaving the commodity at N617/litre, then subsidy on PMS had been returned quietly.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, in a statement on Sunday, said, “The Group Chief Executive Officer of NNPC, in one of his statements, had pointed out that as long as the dollar continues to rise, Nigerians should not expect petroleum products prices to be pegged.(www.naija247news.com)