Fuel Price Increase Looms As Marketers Seek Hike

There are indications that premium motor spirit PMS, commonly called petrol, may increase to N150 per litre as marketers are pushing for an upward review of the current price of the petroleum product which sells for N143.80 per litre.

A source told The Nation, fuel marketers are seeking a further increase in the price due to the soaring price of crude oil in the international market.

“We are now in the meeting to fix a new petrol price for the month of August,” the source said.

“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 ).”

Brent Crude which sold for $43.24 per barrel in July, is currently selling for $44.03 per barrel.

Recall the Petroleum Products Pricing Regulatory Agency (PPPRA) announced an increase of the product to a band of N140.80 to N143.80 per litre in July.