Fuel Price: Uncertainty Looms As Crude Oil Hits $93.50
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Nigeria News
The continued rise in the price of crude oil at the international market has
raised anxiety about a further petrol price hike in Nigeria.
According to Daily Post, the product sold at $93.55 per barrel on Monday.
The development comes in the face of the Naira depreciation at the foreign exchange window, exchanging at N980/$1 on Monday at the parallel market.
However, the Independent Marketers Association of Nigeria, IPMAN, and the Major Oil Marketers Association of Nigeria have allayed the fear of a possible petrol price hike over the rising price of crude oil at the global market and the free-fall of the Naira at the forex window.
In the last three months fuel price has been increased twice.
Upon removing the fuel subsidy in June, the pump price was reviewed upward by 210 per cent to N546.83 per litre from N175/per litre. Less than a month later, the fuel pump price was increased to N617 per litre from N546.83.
Between July and September, no fuel increment has been affected despite the continued fall in the price of Naira at the forex market.
The development is sequel to President Bola Ahmed Tinubu’s assurance to Nigerians that there will not be further fuel pump price increments, according to Ajuri Ngelale, Special Adviser to the President on Media and Publicity.
“We repeat, the President affirms that there will be no increase in the price of petroleum motor spirit,” he said.
The Group Chief Executive of Nigerian National Petroleum Corporation Limited, Mele Kyari, reiterated Tinubu’s assurance.
Except in July, when Emadeb Energy imported 27 million litres of fuel into Nigeria, NNPC limited has been the sole supplier of the product nationwide.
There are also claims that the Federal Government was indirectly subsidizing the commodity in order to avert a further increment in the pump price.
Speaking exclusively to Daily Post on Monday, the President of IPMAN, Chinedu Okonkwo said there is no cause for alarm over the fuel price increase.
He said the Nigerian National Petroleum Corporation Limited is the sole supplier of petrol nationwide and has not proposed an increment plan.
Okonkwo explained that fuel markets purchase their products in Naira.
He urged the federal government to speed up efforts toward ensuring the implementation of Compressed Natural Gas as a viable alternative to fuel.
According to Daily Post, the product sold at $93.55 per barrel on Monday.
The development comes in the face of the Naira depreciation at the foreign exchange window, exchanging at N980/$1 on Monday at the parallel market.
However, the Independent Marketers Association of Nigeria, IPMAN, and the Major Oil Marketers Association of Nigeria have allayed the fear of a possible petrol price hike over the rising price of crude oil at the global market and the free-fall of the Naira at the forex window.
In the last three months fuel price has been increased twice.
Upon removing the fuel subsidy in June, the pump price was reviewed upward by 210 per cent to N546.83 per litre from N175/per litre. Less than a month later, the fuel pump price was increased to N617 per litre from N546.83.
Between July and September, no fuel increment has been affected despite the continued fall in the price of Naira at the forex market.
The development is sequel to President Bola Ahmed Tinubu’s assurance to Nigerians that there will not be further fuel pump price increments, according to Ajuri Ngelale, Special Adviser to the President on Media and Publicity.
“We repeat, the President affirms that there will be no increase in the price of petroleum motor spirit,” he said.
The Group Chief Executive of Nigerian National Petroleum Corporation Limited, Mele Kyari, reiterated Tinubu’s assurance.
Except in July, when Emadeb Energy imported 27 million litres of fuel into Nigeria, NNPC limited has been the sole supplier of the product nationwide.
There are also claims that the Federal Government was indirectly subsidizing the commodity in order to avert a further increment in the pump price.
Speaking exclusively to Daily Post on Monday, the President of IPMAN, Chinedu Okonkwo said there is no cause for alarm over the fuel price increase.
He said the Nigerian National Petroleum Corporation Limited is the sole supplier of petrol nationwide and has not proposed an increment plan.
Okonkwo explained that fuel markets purchase their products in Naira.
He urged the federal government to speed up efforts toward ensuring the implementation of Compressed Natural Gas as a viable alternative to fuel.
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