Fuel price hike looms nationwide as marketers meet

Published February 18, 2021
Okechukwu Nnodim, Abuja

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 N 162 / 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 N 162 / litre on Wednesday .
Some oil marketers said the N 162/ 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 N 170 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. ”

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