Fuel price hike looms nationwide as marketers meet

Marketers of Premium Motor Spirit, popularly called petrol, on Wednesday met in Abuja on matters regarding the price of the commodity.

Although most filling stations in Abuja and neighbouring states of Nasarawa and Niger dispensed PMS at the approved N162/litre price, it was gathered that this price might be adjusted upwards in the coming days.

Filling stations such as NIPCO, NNPC and others located on the Kubwa-Zuba expressway in Abuja dispensed patrol at N162/litre on Wednesday.

Some oil marketers said the N162/litre would not be sustainable, considering the recent rise in crude oil price.

Some filling stations in the Lagos/Ogun axis had on Tuesday adjusted their pump price to N170 per litre.

Officials of the Petroleum Products Pricing Regulatory Agency said the downstream sector had been deregulated. They said that was why the PPPRA had not released any price guide for several months.

“The downstream sector has been deregulated; you know that. And you know that PPPRA has not released any guiding price for a while because the sector is deregulated,” an official of the agency, who pleaded not to be named, stated.

The official said oil marketers were better positioned to speak on patrol price in a deregulated market, adding that the rise in global crude oil prices would definitely affect petrol price in Nigeria.

Commenting on the matter, the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said dealers were meeting on the petrol price issue in Abuja.

“We are meeting right now at Transcorp (Abuja) and it is on the issue of petrol price and other matters in the sector,” he said.

Ukadike added, “We all know of the price disparity in states, although it is not that pronounced in Abuja. But the truth is that the change in crude oil price is affecting petrol price and we are discussing the matter now.” (The PUNCH)