Petroleum marketers in Nigeria have declared that Premium Motor Spirit (PMS), commonly known as petrol, should be N1,500 per litre at filling stations.
The marketers explained a significant gap between the cost-reflective price and the current pump price, which ranges from N617 to N820 per litre.
The Nation reports that Billy Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), noted that many of its members have stopped importing petrol because it is too expensive.
He said:
Harry added that importing fuel is no longer profitable due to the naira exchange rate and global oil prices.
He said:
Explaining the current price of petrol, Harry stressed that the government and the Nigerian National Petroleum Company Limited (NNPCL) are absorbing the shock.
He pointed out that the landing cost of petrol in Nigeria is significantly higher than the retail price, further exacerbating the financial strain on marketers.
However, Harry expressed optimism that local refineries could soon provide relief despite these challenges.
Earlier, TimesNow.com.ng reported that the Independent Petroleum Marketers Association of Nigeria stated that the Port Harcourt refinery is expected to be completed for production in August.
The refinery will be able to produce 10–12 million litres of petroleum products for marketers to purchase.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
