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’Femi Asu
Fuel marketers have started adjusting their petrol pump prices amid the supply shortage facing private depots in Apapa.
Our correspondent observed that some filling stations in Lagos and Ogun states increased the pump price of petrol to N170 per litre on Tuesday from N162 per litre.
Some of the stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre from N162.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, told our correspondent that members of his association had to increase the pump price because they bought the product at N160-N161 from depot owners.
By Udeme Akpan
Against the possible return to fuel subsidy burden, the Federal Government may have begun moves to get the organised private sector to implement a shift to gas from petrol in powering automobiles.
An investigation by Vanguard shows that the Ministry of Petroleum Resources, through the National Gas Expansion Programme, NGEP, has already engaged with many stakeholders, including the Department of Petroleum Resources, DPR, Major Oil Marketers Association of Nigeria, MOMAN, and Independent Petroleum Marketers Association of Nigeria, IPMAN for this purpose.
The move, Vanguard learnt, became necessary as autogas is becoming increasingly cheaper while petrol prices are steadily going up.
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Published 11 January 2021
The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to petrol subsidy era, ’
FEMI ASU reports
Since November 13, 2020 when the pump prices of Premium Motor Spirit (petrol) were last increased in the country, the price of the international oil benchmark, Brent crude, has been on an upward trajectory, rising from $41.51 per barrel to close at $51.22 per barrel on December 31.
Fuel marketers had in December expected another upward adjustment of PMS prices to reflect the further rise in crude oil prices.