In a recent interview with DAILY POST, Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association (PETROAN), expressed the unpredictability surrounding the future price of Premium Motor Spirit (Petrol) in Nigeria. Responding to speculation that prices could soar to N1,500 per litre by December, Gillis-Harry stated, “Nothing is static,” highlighting the challenges posed by the deregulation of the oil and gas sector.
He emphasized that energy security and the availability of petroleum products should be the primary concerns for both the Nigerian government and citizens. “Right now, I am completely unable to give you an exact figure on what the fuel price will be in December 2024. We can’t settle for any figure of fuel price at this moment,” he explained, stressing the need for adequate stock to ensure energy security.
Earlier, oil marketers had called for a N100 billion intervention from the federal government to prevent a total collapse of the petroleum business in the coming weeks. This plea comes as Nigerians struggle with petrol prices currently exceeding N1,030 per litre nationwide. On October 9, the Nigerian National Petroleum Company Limited raised the pump price of petrol in Abuja from N897 to N1,030, while prices at other filling stations range from N1,080 to N1,300 per litre, depending on the location.
This shows there is no assurance the price will rise up to N1,500
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