*Long queues linger *Marketers say scarcity would eventually lead to increment in official price OpeOluwani Akintayo Lagos — Oil marketers…
Browsing: fuel price increase
Abuja — In spite of the rise in the price of crude oil in the international market, the Nigerian National…
Mkpoikana Udoma Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has announced an increment in…
Nigeria is among the world’s 10 cheapest places to buy petrol, which partly explains its recent fuel shortages. It also means that rising oil prices may be a double-edged sword for the country.
He added that hike in fuel pump price would be an indirect tax on Nigerians, thereby increase their suffering.
He called on government to come up with a clear explanation on “oil subsidy payment” under the administration and “illegal lifting of N1.1 trillion worth of crude using unregistered companies”.
“Again, NNPC affirms that it has no intension, whatsoever, to execute any increase in the pump price of petrol, as such the price of PMS stands at N143 per litre,” the statement noted.
Across the globe, many countries are responding to the increase in the price of crude. Only last week, Saudi Arabia, the world’s largest producer and exporter of crude, announced plans to raise petrol and jet fuel prices in January in an effort to reduce energy subsidies and bolster state finances.
Mkpoikana Udoma 01 January 2018, Sweetcrude, Port Harcourt — The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN,…
“The key issue is a price war. The marketers have made representation to the Federal Government and the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, to allow price hike of petroleum products and leave the sector to market forces,” the report noted.
There had been apprehension that the federal government was planning to increase the pump price of petrol after marketers complained that the landing cost of the refined products could no longer be sustained the price of N145 per litre.
