It was also gathered that the price of the commodity might increase to about N150/litre as the committee saddled with the task of fixing petrol price had been meeting and would make the new price public soon. Marketers and officials of the Petroleum Products Pricing Regulatory Agency told our correspondent in Abuja on Sunday that the rise in crude oil price in the international market could lead to an increase in petrol price. But because of the marginal rise in crude oil prices, the calculation is that petrol price could go up,” the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said. Gillis-Harry noted that the failure of the pricing regulator to involve marketers in the price fixing process was putting dealers in bad light. He, however, stated that a lot of marketers had determined not to hike petrol cost immediately, particularly if there was an increase in the price of PMS in August.

Source: Punch August 02, 2020 23:15 UTC