Petrol price may hit N190


Petrol price may hit N190

There are speculations of petrol price hitting N190 amid concerns over the non-implementation of the full deregulation of the downstream petroleum sector. 


Top officials of two major marketers’ associations who spoke to Punch, said the continued increase in oil prices had brought back petrol subsidy as the pump price of petrol should be between N185 and N200 per litre to reflect the further rise in crude oil prices. 


Executive Secretary/Chief Executive Officer, Major Oil Marketers Association of Nigeria, Mr Clement Isong who faulted the continous sale of fuel at N160 and N165 per litre in many filling stations in Lagos, said it meant somebody is bearing the cost of subsidy which the country cannot afford at this time. 


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…

Source: Linda Ikeji