NUPENG, PENGASSAN fume as petrol price hits 150 per litre
The Petroleum Products Pricing Regulatory Agency had yet to issue its guiding retail petrol price for the month of Thursday, leaving operators confused.
Following the sharp drop in crude oil prices which led to the reduction in the pump price of petrol in March, the PPPRA had said it would advise the Nigerian National Petroleum Corporation and oil marketing companies on the monthly guiding retail price at which the product shall be sold across the country.
In July, the agency announced a new price band of N140.80 to N143.80 per litre, up from N121.50 to N123.50 per litre in June.
Although it released the ex-depot price for the commodity on Tuesday, the PPPRA had since remained silent as regards the guiding retail price for the month.
It increased the ex-depot price by N6 to N138.62/litre for the month, a development that prompted marketers to hike the pump price of the product to between N148 and N150/litre.
The Chairman, Major Oil Marketers Association of Nigeria, and Managing Director/Chief Executive Officer, 11Plc, Tunji Oyebanji, told one of our correspondents that some members of the association had increased petrol price to N148-N148.80 per litre.
He said marketers had interpreted PPPRA’s silence to mean that they should go ahead to fix the price themselves.
“There is a need for some clarity. If we are to fix the price of the product, we should be told so. There is a lot of confusion and people are not clear as to the direction. All we have is silence,” he added.
When contacted to get the PPPRA’s comment on the development, its spokesperson, Kimchi Apollo, again did not answer phone calls on Thursday.
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