Business

Petrol price to be sold at N190 as oil nears $60 globally -Marketers

Following the current global realities of crude oil, marketers said the price of Premium Motor Spirit (PMS), popularly known as Petrol in Nigeria, might hike to N185 and N200 per liter, except the government to subsidize the product, Femi Asu reports.

Since last week, the fluctuating oil prices in the global market have brought considerable concerns to the marketers over the un-implementation of the full deregulation of the downstream petroleum sector as the pump price of petrol has not been changed for over two months.

Two highly placed officials of two primary petroleum marketers association speaking to reporters said the the increment in oil prices had returned petrol subsidy policy.

According to the marketers, the petrol pump price would be between N185 and N200 per liter.

Petrol product is currently sold between N160 to N165 in many petrol stations in Lagos.

Mr. Clement Isong, the Executive Secretary/Chief Executive Officer of Major Oil Marketer Association of Nigeria, when commenting on the possible hike of the product, 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 liter.

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

Clement further states that there has been an increased demand for petrol in the country, but the security of supply is being threatened.

“So, we need to completely restructure our entire supply chain. We need to reach a place where, if deregulation takes effect, refining will resume in Nigeria. We need to find a way of making sure that Nigerians benefit from deregulation. That, I believe, is what the discussion must be.”

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