Petrol to sell at N150 per litre as marketers seek price hike

-


Premium Motor Spirit (PMS) petrol may sell for N150 per litre in August as marketers are pushing for an upward review.

EyewitnessMedia had reported that Petroleum Products Pricing Regulatory Agency (PPPRA ) last month announced increase of the product to a band of N140.80 to N143.80 per litre.

Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.

However a source who spoke to The Nation said marketers are seeking a further increase in the price of PMS due to the soaring price of crude oil in the international market. It was further learnt that Brent Crude which sold for $43.24 per barrel in July, is currently selling for $44.03 per barrel.

She said: “We are now in the meeting to fix a new petrol price for the month of August.

“We are asking the PPPRA to approve N150 per litre because the prices of crude oil have increased and there is no subsidy on the product.

“You will hear the announcement of the new price around four o’clock today (Tuesday ).”

Comments

Post a Comment

Thank you for comment, please continue to read up our stories

Popular posts from this blog

UK high commission to replace expired visa for free for Nigerians as it restarts operations

-
Image
  The British High Commission in Nigeria has announced that it has reopened its visa application centres across the country and that any individual whose 30-day visa to travel to the UK for work, study or visitation has expired can request a replacement free of charge.   The UK High Commission, announcing the move today, Thursday, August 20, said the free visa replacement will be open until December 2020 and cover individuals who will be travelling to the UK to work, study or join their families.   In a statement by the Commission on titled, ‘Update on VAC Services From The BHC Nigeria’ posted on its verified Twitter handle, @UKinNigeria the commission said; “As a result of the disruptions to travel caused by COVID-19, we are experiencing high demand for replacement vignettes for 30-day visas to travel to the UK for work, study or to join the family. “If an individual’s 30-day visa to travel to the UK for work, study or to join family has expired, or is about to expire, t...
Read more

People should wear goggles for perfect protection from Coronavirus - Dr Fauci says, amid evidence virus can get into eyes

-
Image
The United States' top infectious disease expert, Dr Anthony Fauci has said that people should wear googles for complete protection from Covid-19 as the virus can enter the body through any mucosal surface - including the mouth, nose or eyes.   According to the World Health Organization (WHO), Coronavirus is primarily contagious through respiratory droplets expelled when people cough or sneeze, but growing evidence suggests that droplets from just regular speaking or breathing may be able to spread the disease too.    These droplets can get into the eyes, too, according to Dr Fauci. 'If you have goggles or an eye shield, you should use it,' Dr Fauci told ABC News in an Instagram Live interview. According to Dr Fauci, viral particles on your hands won't infect you through your skin. But touching your nose, mouth or eyes, can introduce the virus to cells it can invade.  "If you really want perfect protection [you need protection] of your mucosal surfaces - you mucosa...
Read more

Magu ordered my arrest after I demanded my N763m legal fee - Former EFCC lawyer alleges

-
Image
A former prosecutor who worked with the Economic and Financial Crimes Commission (EFCC), Chief Godwin Obla (SAN), has revealed that the suspended acting Chairman of the anti-graft agency, Ibrahim Magu, ordered his arrest after he asked to be paid a sum of N763.9m in legal fees.   Chief Obla reportedly made the revelation while reading out an 18-page letter to the Justice Ayo Salami-led Presidential panel investigating Magu. According to Obla, Magu threatened to make bribery allegations against him when he demanded for his payment.   In the 18 page letter titled, ‘Presentation In Respect of Malicious and Reckless Abuse of State Power of Investigation and Prosecution Resulting in Mismanagement of Forfeited Assets by Deliberate and Contrived Incompetence and Suspicious Dealing of Forfeited Assets.’, Obla said he helped the commission recover hundreds of billions of naira in cash and assets and prosecuted about 40 cases for the EFCC including bank chiefs that were sacked. While te...
Read more