Fuel dealers predict new petrol price as supply drops

The petrol dealers under the umbrella of Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria has said the price of petrol might increase to N170.

The dealers warned on Thursday that the rising cost at depots would directly increase the pump price of the pump price of Premium Motor Spirit, if not checked.

They also complained of PMS supply problems, stressing that many tank farms or depots had no petrol, which was why the few ones that had the commodity had to increase its price from the approved N148/litre price to N159/litre.

But the Nigerian National Petroleum Company Limited maintained its stance that it had enough petrol to last the country all through the festive season and beyond.

IPMAN and PETROAN members own bulk of the filling stations across the country and make purchases from depots before selling to final consumers at their various retail outlets.

Providing explanations for the rising cost of petrol at depots, owners of the facilities said that it was because the recent agreement reached by key stakeholders in the downstream oil sector had yet to be effected by the Federal Government.