Actualités : nigeria

FG may increase petrol price soon — Marketers - Nigeria Business News

The Federal Government may soon effect an upward review in the pump prices of Premium Motor Spirit, popularly known as petrol, oil marketers have said, attributing this to the recent increase in the cost of crude oil at the international market.

Crude oil price had fallen below $30 per barrel earlier this year, but as of May 2, 2016, the commodity’s cost rose to $45.83, according to data obtained from the Nigerian National Petroleum Corporation on Saturday in Abuja.

The oil marketers also told our correspondent that the current challenge they faced in the industry was how to sustain the improvement in the supply of petrol across the country. They said they had started importing petrol as many oil majors and a few independent dealers were accessing the United States dollars, as promised by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

The Corporate Affairs Manager, Nipco Plc, a renowned oil marketing firm, Mr. Lawal Taofeeq, stated that the petrol subsidy issue must be managed properly by the government in order to ensure adequate sustenance of the present improvement in fuel supply across the country.

He noted that the marginal rise in the price of crude oil could force the government to review the pump price of petrol upwards, particularly should the government insist on not paying petrol subsidy to oil marketers.

Taofeeq said, “We’ve started importing products. But on sustenance, it depends on how the government handles the issue of subsidy. You know subsidy on petrol has returned and its management will go a long way in affecting fuel supply.

“Before, there was no subsidy on petrol. But now, considering the rise in crude oil price, there is subsidy despite the fact that the official pump price hasn’t been changed. So, if the subsidy issue is not managed properly, marketers may not want to import the product unless they are sure of their money.


Article publié le lundi 9 mai 2016
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