’Femi Asu

The pump price of Premium Motor Spirit, popularly known as petrol, may hit N180 per litre this month, according to marketers, as oil prices extended their rally on Monday, with Brent crude trading near $50 per barrel.

Brent, the international oil benchmark, has risen by more than 15 per cent since November 13 when the pump price of petrol was adjusted in the country. It stood at $49.39 per barrel as of 7:29pm Nigerian time on Monday.

The Minister of State for Petroleum Resources, Timipre Sylva, had said in September that the Federal Government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would determine the cost of the product.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said fuel prices might increase before the end of December, considering the current realities in the market.

“Once we have deregulated, petrol price is a function of crude oil price. If in the past few months, oil price has hovered around $40 to $44 per barrel, when it moves to $49-$50, we have to be expecting nothing less than N180 per litre of petrol,” he said.

Osatuyi, in a telephone interview with our correspondent on Monday, said petrol price could reach N200 per litre if oil price crossed the $50 per barrel mark.

“The devaluation of naira by N6 will actually have effect on the pump prices of fuel maybe by the end of this month or early next year,” he added.

He faulted the current situation in which the Nigerian National Petroleum Corporation remained the sole importer of petrol into the country despite the deregulation of petrol price.

“As at today, NNPC is still practicing monopolistic deregulation because it is the only one importing petrol for Nigeria. If you deregulate, you are supposed to make forex available for other players,” he said.

The Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, also told our correspondent that private marketers were still unable to import petrol because of lack of access to forex.

He said marketers were also concerned about the discussion between the Federal Government and labour regarding deregulation, adding that discordant tunes would leave investors worried.

“The impression has been that deregulation has been agreed with labour already. It would always help when you know clearly the direction of government,” he added.

The Federal Government removed petrol subsidy in March this year after reducing the pump price of petrol to N125 per litre from N145 on the back of the sharp drop in crude oil prices. The price reduction lasted till June.

Nigerians have seen increases in the pump prices of petrol four times in the past five months, rising from N121.50–N123.50 per litre in June to N140.80-N143.80 in July, N148-N150 in August, N158-N162 in September and N163-N170 in November.

https://punchng.com/petrol-price-may-hit-n180-as-oil-nears-50/

Sai Buhari

I'm waiting for transport cost for my Igbo brothers this Xmas from Lagos to East

It won't take Buhari 48hours to speedily implement the new rate.

We never see anything yet.

Buhari is working. by Christmas it will be #500

So, PMS may hit N500 before the end of the first quarter of the next fiscal year, "boy oh boy". Nigerians are in for one hell of a ride, the amount of people that will abandon their cars by next year, and choose to act like " Children of Israelites" will be massive.
My heart felt sympathy to entrepreneurs whose business depend on PMS to survive, as many of them will fold up and join the bandwagon of unemployed Nigerians.

ULOPVQ:
So, PMS may hit N500 before the end of the first quarter of the next fiscal year, "boy oh boy". Nigerians are in for one hell of a ride, the amount of people that will abandon their cars by next year, and choose to act like " Children of Israelites" will be massive.
My heart felt sympathy to entrepreneurs whose business depend on PMS to survive, as many of them will fold up and join the bandwagon of unemployed Nigerians.

Interesting times !

I don't understand this Buhari economics.

When the price of crude oil went down during covid, the price of petrol was increased, now the price of crude oil is increasing, the price of petrol is also increasing

ourema:

Interesting times !

Indeed, the times to come will be defining moments.

But they just slashed the price by #5 na. What's all these nonsense na, do they want us to start making use of donkeys and bicycles?

200 stop at

ok

When will we come out of this debacle







Your car might be at risk. Check my signature it might interest you.

Nigeria we hail thee

praise theyl lord o....las las we no go gree


https://www.youtube.com/watch?v=Q5DBxt5SBT0

Sai Barbarians!.......we are all in it together.......we die here........as for any of trying to relocate out of the country.........it shall never be your portion......we shall remain in this mess together till you borrow sense.

And why were they complaining about it hitting over $100/barrel under Jonathan and according to them, nothing was achieved, what was the standard of living then?
Shame on them if that happens.

“We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes

Nigerian leaders are the most useless leaders any country can have, we have to import petrol when we have refineries and modular refineries can easily be built, but our leaders always thinking about their own selves

A price reduction has already been announced effective 14th December, petrol will sell at N162./per litre

Bicycle go come to our rescue

N250 - N300 still loading. No be curse.

We have four non-functional refineries that gulps billions monthly in overhead. Our rulers are too dumb to do anything about it but they can take Chinese loans to build a rail to Niger republic so that we can import fuel from them.

The Petroleum sector decay started long before Buhari but he is the worst of them all.

We no dey fear price threat again

ULOPVQ:
So, PMS may hit N500 before the end of the first quarter of the next fiscal year, "boy oh boy". Nigerians are in for one hell of a ride, the amount of people that will abandon their cars by next year, and choose to act like " Children of Israelites" will be massive.
My heart felt sympathy to entrepreneurs whose business depend on PMS to survive, as many of them will fold up and join the bandwagon of unemployed Nigerians.

God help us all

#200 is the target

Perfecttouchade:
We no dey fear price threat again

we are used to it already

cynthia500:


God help us all

Beware of this moniker! It belongs to a homo sapien with 2 dangly balls nd hairy bony chest.

Pump price increasing
Sun price is constant (Zero)
Cost of Solar reducing
As men have grown wiser to outdo water corporation by drilling boreholes
So men will get wiser and go Solar
It doesn't have to be very big
But let it be on your list
Also your long term survival strategy.
Let your rooftop be a blessing
Need help getting started?
Check my signature below

cynthia500:


God help us all

I don't know why this sounded funny to me but I will say an Amen to it.

cynthia500:


we are used to it already

exactly no be their fault na, we no Fit do anything na

Nazgul:
But they just slashed the price by #5 na. What's all these nonsense na, do they want us to start making use of donkeys and bicycles?

I have already ordered for my own camel.
will be using it to ply to work every day