Breaking: Petrol price may hit N190 as landing cost hits N180 per litre

Breaking: Petrol price may hit N190 as landing cost hits N180 per litre

- The landing cost of petrol price has reached N180 per litre

- According to the report, the pump price may now rise to N190 per litre

- Nigerians had kicked over the planned increase in pump price of petroleum by the FG

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A report by Vanguard indicates that indications emerged on Monday, February 15, that stakeholders would soon emerge with a new price of petrol.

Legit.ng gathered that the newspaper said the landing cost of the product has risen from N151 to N180 per litre due mainly to rising price of crude oil in the international market.

It was reported that the rise of crude oil price from $58 to more than $63 per barrel on Sunday, February 14, culminated in refiners incurring additional cost in the process of procuring, refining and supplying petrol to consumers, thus causing marketers to also incur additional cost.

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Breaking: New petrol price imminent as landing cost hits N180 per litre

The new landing cost of the petroleum has hit N180 per litre. Credit
Source: UGC

The newspaper also noted that the pump price could rise from N162 to about N190 per litre when the marketers’ margins and other considerations are added.

The Nigerian National Petroleum Corporation (NNPC) was said to have summoned the major marketers, independent marketers and other stakeholders to a crucial meeting on the development.

Speaking virtually on, ‘After Deregulation, What Next?’ in Lagos, February 11, the chairman of MOMAN, Adetunji Oyebanji, had said:

“With a fully deregulated downstream industry, the natural fear and anticipation of Nigerians is the increase in the price of transportation, food items, and the attendant economic hardships.
“Solutions to these challenges can only emanate from a collective resolve by all stakeholders to face up to these challenges together. We must as a national debate and share pragmatic and realistic initiatives to mitigate the impact of a pump price increase that could follow a fully deregulated downstream."
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Meanwhile, Legit.ng had previously reported that the federal government hinted over a possible rise in the price of premium motor spirit better known as petrol and other refined products.

It was reported that while speaking at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) on Tuesday, February 9, Timipre Sylva, minister of state for petroleum, gave this hint.

Wale Akinola is a passionate journalist and researcher. He works as a senior political/current affairs editor at Legit.ng. He holds both B.A and Master’s degree in Communications and Language Arts from the University of Ibadan. He also holds a Diploma Certificate in Peace Journalism. He has over 15 years of work experience in both print and online media. He derives joy in keeping the public abreast of current happenings locally and internationally through his writings.

Source: Legit

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