NATION

FG, oil marketers jack up petrol price

Premium Motor Spirit (petrol) will now sell for between N170/litre and N190/litre, according to a report.

PUNCH is reporting that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers met quietly Thursday, during which the decision was taken.

Mike Osatuyi, the national operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN) allegedly confirmed the price change. He was quoted in a report as describing the hike as a “market fundamentally determined price.”

“Petrol now sells between N175-N180 per litre depending on the area, ‘’ he told The Punch.

The price hike will adversely impact the already rising transportation cost, prices of consumables, and, of course, worsen food inflation.

 

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