- The price of petrol in Nigeria is likely to be increased in no time
- This is as the PPPRA has stepped up the ex-depot price of the product to N138 per litre
- There are indications that the next price Nigerians should be expecting is N150 per litre
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Amid the harsh economic effects of the coronavirus pandemic felt strongly by many Nigerians, there are indications that they may have to pay more for petroleum products very soon.
This is as the Petroleum Products Pricing Regulatory Agency (PPPRA) has approved the increase of petrol price per litre from N132 to N138, The Nation reports.
This decision by PPPRA was confirmed on Tuesday, August 4, by the national vice president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi.
A PPPRA source who attended the meeting where prices were reviewed disclosed that the agency is yet to decide on a new pump price.
Another source said that so far, the federal government has remained mute concerning the dealer prices which range from N145. 68 to N150 per litre.
The source said being that the product has been deregulated, the government is being careful not to be seen as interfering with it.
He source said: “The government is weighing the option of outright announcement of the increase of the dealer prices to a band of N150 per litre in the face of the current hardship. On the other hand, it has resisted the temptation of not interfering with the market fundamentals which determine the price review.”
Meanwhile, Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had warned against proposed plans to scrap the Petroleum Equalisation Fund (PEF).
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 was scrapped.
Legit.ng gathered that the fund administers uniform pricing for petroleum products countrywide by reimbursing marketers transportation differentials for products moved from depots to their sales outlet.
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 fund.
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