FUEL HIKE: Petrol to hit N200 with increase crude oil price

todayFebruary 8, 2021

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Marketers have said with the current realities in the global crude oil markets, the price of Premium Motor Spirit (petrol) in Nigeria should be between N185 and N200 per litre, unless the government wants to subsidise the product

The upturn in global oil prices last week has again brought to the fore marketers’ concerns over the non-implementation of the full deregulation of the downstream petroleum sector as the pump prices of petrol have been left unchanged for more than two months.

Top officials of two major marketers’ associations who spoke with newsmen on Saturday said the continued increase in oil prices had brought back petrol subsidy.

Crude oil price accounts for a large chunk of the final cost of petrol, and the country has continued to spend so much on petrol imports for many years amid low domestic refining capacity.

According to the marketers, the pump price of petrol should be between N185 and N200 per litre.

The product is currently sold at between N160 and N165 per litre at many filling stations in Lagos.

Written by: Sdb Live News

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