According to the current global crude oil situation, market participants said that in addition to government subsidies for the product, the price of Premium Motor Spirit (PMS), commonly known as “gasoline” in Nigeria, may rise to N185 and N200 per liter.
Since last week, fluctuations in global oil prices have aroused market participants’ concerns about the complete deregulation and deregulation of the downstream oil sector, because the pump price of gasoline has not changed for two months.
Two senior officials from the two major oil marketers’ associations told reporters that the increase in oil prices has refunded gasoline subsidies.
According to the marketer, the price of gasoline pumps will be between N185 and N200 per liter.
Gasoline products are currently sold at many gas stations in Lagos, with prices ranging from N160 to N165. Clement Isong, Executive Secretary/Chief Executive Officer of the Major Petroleum Marketers Association of Nigeria, commenting on the possible price increase of the product, said:
“My members of the association are doing business in Nigeria and are concerned about the long-term Sustainability industry and the country itself.
“So, we know that the price of the pump should be between N185 and N200 per liter based on the exchange rate you use.
” Clement further pointed out that the country’s demand for gasoline is increasing, but the security of supply is threatened.
“Therefore, we need to completely reorganize the entire supply chain. We need to reach a place where Nigeria will resume oil refining if deregulation takes effect. We need to find a way to ensure that Nigerians benefit from deregulation. I believe that this is a necessary discussion.
As global oil prices approach $60, N190 gasoline prices will rise-marketers first appeared on Kemi FIlani news.
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