June 15, 2021

Petrol May Sell For N190 Now Crude Oil is $63/Barrel:

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The country’s petroleum stakeholders are working out a new price of litre of petrol as crude oil rise to $63 per barrel as of yesterday.

According to the Daily Trust, a litre is currently sold between N159 and N165 across Nigeria, but it may hit N190 in the coming days as the landing cost of the product climbed to N180 per litre from N151 due to the spike in crude oil price which hit $63 at the international market on Monday.

Yesterday, oil rallied to a 13-month high of $63 owing to additional production cuts by Saudi Arabia and COVID-19 retreat.

There were also indications that some traders were caught off guard by the cold snap in the U.S.

But the increase from $58 to more $63 per barrel, yesterday, meant that refiners would now attract additional cost in the process of procuring, refining and supplying petrol to consumers.

This will make distributors to also incur additional cost, especially as a bulk of the product is imported into the country.

Spokesmen of both the Nigerian National Petroleum Corporation and the Petroleum Products Pricing Regulatory Authority could not be reached last night for comment.

Last week, the organised labour, opposition politicians and other Nigerians had kicked against a fresh increase in pump price of petrol.

Mr Timipre Sylva,
the Minister of State for Petroleum Resources, had told Nigerians to be ready to bear the pains of an unavoidable increase in the petrol pump price.

He spoke at the inauguration of the Nigerian Upstream Cost Optimisation Program (NUCOP).

The minister had said before now, the NNPC could not continue to bear the cost of under recovery.

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