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Friday, 11 August 2023 14:14

Petrol Price May Hit N750/litre – IPMAN

The pump price of Premium Motor Spirit (PMS), popularly called petrol, may increase to about N750 per litre, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted.

This is even as the association urged the government to initiate policies that would save the naira from further depreciation.

National spokesperson of IPMAN, Chinedu Ukadike, gave the hint on Thursday, in Abuja.

Although he said the Nigerian National Petroleum Company Limited (NNPCL), being the major importer of petroleum products, has yet to change its ex-depot price from N587.7.

“There will be a 10 percent increase because the dollar was N750, now it is over N900. That is almost a 20% increase. If you apply this, you should be talking about N750/ litre.

“Currently, dollar rate at the parallel market, as of today, is N910, which also means that the landing cost of PMS will increase and also the domestic price of PMS will increase.

“People should understand that the government is no longer subsidizing and there is no local production in Nigeria. Had it been there is local production, it would have been able to cushion the effect of too many naira pursuing the dollar. It would have helped us and saved the naira.

“If the government does not do something drastically, before the end of this year, naira may be close to N1,100 per dollar and this will be a serious inflation for Nigeria,” he added.

[TheWill] 

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