Home POLICY BUSINESS & FINANCE DEREGULATION: Petrol May Sell For N150 Per Litre

DEREGULATION: Petrol May Sell For N150 Per Litre

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Following increase in the prices of crude oil, marketers are pushing for the upward review of the Premium Motor Spirit (PMS) petrol to N150 per litre for the month of August.

The Petroleum Products Pricing Regulatory Agency (PPPRA ) last month announced increase of the product to a band of N140.80 to N143.80 per litre.

It was the first time the agency approved a new price after removal of petrol subsidy.

Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.

At the meeting on Tuesday, the marketers were seeking a further increase in the price owing to the soaring priced of crude oil in the international market.

Brent Crude that sold for $43.24 per barrel in July sells for $44.03 per barrel.

She said: “We are now in the meeting to fix a new petrol price for the month of August.

“We are asking the PPPRA to approve N150 per litre because the prices of crude oil have increased and there is no subsidy on the product.

“You will hear the announcement of the new price around four o’clock today (Tuesday ).”

Although the announcement has not come, it is expected that there will be adjustment in the price this week.

With N138.62 approved by the Petroleum Products Pricing Regulatory Agency (PPPRA) as ex-depot price for a litre of petrol, the stage is set for Nigerians to pay more for petrol.

Many filling stations in Lagos were shut on Tuesday in anticipation of the price hike.

National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN) Abubakar Maigandi said last night that the PPPRA raised the depot price from N132/N133 per litre by N6 per litre.

According to him, the agency has approved an ex-depot N138.62 per litre price for this month.

A source, who was also part of the meeting for the monthly prices review said the agency did not come up with a new pump price. “We are yet to know the new dealer prices,” the source said.

But, a PPPRA source said the Federal Government was silent on the dealer prices which may be between N145. 68 and N150 per litre.

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