Four Reasons Fuel Price May Increase Soon  

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Fears are mounting that price per litre of petrol may go higher than the current N145. Below are three reasons given for the likely increase. One, Markets allegedly said their landing cost (the cost of buying and shipping to Nigeria) has in increased and can no longer abide by the N123.28 and N133.28/litre approved by government. Two, marketers say they are unable to import petrol at N305 per dollar foreign exchange rate fixed by international oil companies. They want government to liberalise (stop its control completely) the downstream sector (loading and selling at the filling stations) or sell dollars to them at N240. Three, marketers said they depend on the Nigerian National Petroleum Corporation, NNPC, for 90% of their petrol supply. Four, federal government owes marketers over $1 billion, which is affecting their businesses.
  • Adefola Ademosu 
Source: Thisday
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