Oil marketers seek increase of fuel price to N150 per litre

Oil marketers seek increase of fuel price to N150 per litre

- The price of petrol for the month of August may increase to N150 per litre

- Petrol marketers are pushing for the increase following the rise in the prices of crude oil in the international market

- The new price for the month of August will reportedly be announced on Tuesday evening

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Petrol marketers in Nigeria are pushing for the increase of the price Premium Motor Spirit (PMS), otherwise known as petrol, to N150 per litre for the month of August.

Recall that the Petroleum Products Pricing Regulatory Agency (PPPRA ) had in July announced an increase of the product to a band of N140.80 to N143.80 per litre.

Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.

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Oil marketers seek increase of fuel price to N150 per litre

Oil marketers seek increase of fuel price to N150 per litre. Photo Credit: Femi Adesina
Source: Facebook

The Nation reports that a reliable source said the marketers were seeking a further increase in the price owing to the soaring priced of crude oil in the international market.

Legit.ng gathers that the brent crude that sold for $43.24 per barrel in July sells for $44.03 per barrel.

“We are now in the meeting to fix a new petrol price for the month of August.

“We are asking the PPPRA to approve N150 per litre because the prices of crude oil have increased and there is no subsidy on the product.

“You will hear the announcement of the new price around four o’clock today (Tuesday ),” the source was quoted to have said.

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Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) warned against proposed plans to scrap the Petroleum Equalisation Fund (PEF).

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The association said Nigerians in many parts of the country would be forced to buy petroleum products for as much as N400 per litre if the PEF is scrapped.

The fund administers uniform pricing of petroleum products countrywide by reimbursing marketers transportation differentials for products moved from depots to their sales outlet.

It is meant to ease up additional money of the product especially for those who have to transport the product over long distances.

It is reportedly administered by the Ministry of Petroleum.

IPMAN's national secretary Danladi Pasali said scrapping the fund would put the petroleum sector in crisis and harm the nation and its stability.

Pasali in a statement accused some unnamed "political elites" of trying to mislead the federal government to scrap the fund.

He said the move may destabilise and sabotage the successes being recorded in the petroleum sector.

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IPMAN, therefore, advised the government not heed to the call, reiterating that the move is against the progress, wellbeing and economic advancement of the country.

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