PETROL: August Price May Hit N150/litre

Report says the price of fuel might increase to about N150/litre as the committee saddled with the task of fixing petrol price had been meeting and would make the new price public soon.

Marketers and officials of the Petroleum Products Pricing Regulatory Agency told THEPUNCH in Abuja on Sunday that the rise in crude oil price in the international market could lead to an increase in petrol price.

The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said:

“There is panic buying and it is because of the worry that prices will be reviewed either downwards or upwards. But because of the marginal rise in crude oil prices, the calculation is that petrol price could go up. 

“That is the situation and this was why we requested that there should be a stakeholders’ engagement every month or quarterly so that we can be sure of what to expect.”

He, however, stated that a lot of marketers had determined not to hike petrol cost immediately, particularly if there was an increase in the price of PMS in August as marketers who had stockpiled products were ready to sell at the current rate regardless of any increase.

Gillis-Harry added marketers would not take advantage of any petrol price increase, adding that a task force had already been established to work on enforcement of agreed terms.