Petroleum Marketers Tells Nigerians To Expect Further Hike In Pump Price Of Petrol

The petroleum marketers explains that this is due to the  depreciation of the naira against the US dollar, both of which account for over 80 per cent of the cost of PMS, Aso Naija Reports.

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.

“The cost of crude oil is also on the rise and it impacts on petrol price, because PMS is derived from crude.