Petrol Might Promote For N150 Per Litre As Entrepreneurs Search Hike
Following improve within the costs of crude oil, entrepreneurs are pushing for the upward overview of the Premium Motor Spirit (PMS) petrol N150 per litre for the month of August.
The Petroleum Merchandise Pricing Regulatory Company (PPPRA ) final month introduced improve of the product to a band of N140.80 to N143.80 per litre.
It was the primary time the company permitted a brand new worth after elimination of petrol subsidy.
Previous to the July 1 hike, the company had on Might 1, permitted worth band of N121.50 to N123.50 per litre for the product.
In the meantime, a dependable supply on the assembly at this time advised The Nation that the entrepreneurs had been looking for an additional improve within the worth owing to the hovering priced of crude oil within the worldwide market.
The Brent Crude that bought for $43.24 per barrel in July sells for $44.03 per barrel.
She stated: “We are actually within the assembly to repair a brand new petrol worth for the month of August.
“We’re asking the PPPRA to approve N150 per litre as a result of the costs of crude oil have elevated and there’s no subsidy on the product.
“You’ll hear the announcement of the brand new worth round 4 o’clock at this time (Tuesday ).”