The pump price of Premium Motor Spirit, also known as petrol, may hit N180 per liter this month, this is according to marketers, as oil costs broadened their rally on Monday, with Brent crude oil exchanging close to $50 per barrel.
Brent, the global oil benchmark, has ascended by more than 15 percent since November 13 when the pump cost of petrol was changed in the nation. It remained at $49.39 per barrel as of 7:29 pm Nigerian time on Monday.
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The Minister of State for Petroleum Resources, Timipre Sylva, had said in September that the Federal Government had ventured back in fixing the cost of petrol, adding that market influences and raw petroleum cost would decide the expense of the item.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr. Mike Osatuyi, said fuel costs may increment before the finish of December, thinking about the current real factors on the lookout.
“Whenever we have liberated, petrol cost is an element of unrefined petroleum cost. On the off chance that in the previous few months, oil cost has drifted around $40 to $44 per barrel, when it moves to $49-$50, we must expect nothing under N180 per liter of petrol,” he said.
Osatuyi said petrol cost could arrive at N200 per liter if oil cost crossed the $50 per barrel mark.
“The downgrading of naira by N6 will really have an impact on the siphon costs of fuel possibly before the current month’s over or ahead of schedule one year from now,” he added.
He blamed the current circumstance in which the Nigerian National Petroleum Corporation remained the sole merchant of petrol into the nation notwithstanding the liberation of petrol cost.
“As of today, NNPC is as yet rehearsing monopolistic liberation since it is the just one bringing in petrol for Nigeria. In the event that you liberate, you should make forex accessible for different players,” he said.
The Chairman, Major Oil Marketers Association of Nigeria, Mr. Adetunji Oyebanji, additionally told our journalist that private marketers were as yet incapable to import petrol in view of the absence of admittance to forex.
He said marketers were likewise worried about the conversation between the Federal Government and work with respect to liberation, adding that grating tunes would leave financial specialists stressed.
“The impression has been that liberation has been concurred with work as of now. It would consistently help when you know unmistakably the heading of the public authority,” he added.
The Federal Government eliminated the petrol endowment in March this year subsequent to diminishing the pump cost of petrol to N125 per liter from N145 on the rear of the sharp drop in raw petroleum costs. The value decrease endured till June.
Nigerians have seen increments in the pump costs of petrol multiple times in the last five months, ascending from N121.50–N123.50 per liter in June to N140.80-N143.80 in July, N148-N150 in August, N158-N162 in September, and N163-N170 in November.
