Petrol price may hit N190 soon in Nigeria

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, ’FEMI ASU reports

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 Punch correspondents on Saturday said the continued increase in oil prices had brought back petrol subsidy.

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.

The Executive Secretary/Chief Executive Officer, Major Oil Marketers Association of Nigeria, Mr Clement Isong, said, “Members of my association are operating in Nigeria and care about the long-term sustainability of the industry as well as the country itself.

“So, we know that depending on what exchange rate you use, the pump price should be between N185 and N200 per litre.

“For as long as we continue to sell the product at what we are currently selling it, then somebody is bearing the cost of subsidy, and the country really cannot afford subsidy at this time.”