Thursday, October 10, 2024 -The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says the recent hike in the pump price of petroleum may be due to an increase in the “difficulty in landing products”.
In an interview with Channels TV on
Thursday October 10, PETROAN president Billy Gillis-Harris, said;
“What I can tell you is, once there
is difficulty in landing products by NNPCL and the size of shock absorbing that
they (NNPCL) can do become overwhelming, they will certainly shed some of the
loads. I think that’s what would have happened.”
On Wednesday, retail outlets of the
Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of
the commodity in Lagos and Abuja. NNPCL outlets in Lagos sold a litre of petrol
for N998 which is N150 higher than the initial price of N855.
The situation is similar in the
nation’s capital of Abuja where the pump price of a litre of the commodity went
to N1,030 from N897.
NNPCL’s most recent move came about a
month after a similar adjustment in the pump price of the commodity. The retail
firm pushed the cost per litre of fuel from N568 to N855. It acknowledged huge
debts to fuel suppliers and announced a roughly 40-percent price increase to
help its finances.
PETROAN boss said the prices of the
commodity will be determined by market forces.
“The truth right now is that petrol
prices are going to be determined by the forces of demand and supply,” he said
on the show.
This does not mean that the prices
will always be high. Remember that our dollar exchange value is going to impact
very highly on the cost of PMS because we are operating a dollarized business
in naira.” he said
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