Fuel price increase looms, as crude oil hits $95.70 per barrel

FG insists on no price hike

The continued rise in the price of crude oil, at $95.70 per barrel yesterday from $94 per barrel weekend, in addition to inflation and depreciation of the Naira have culminated in the price of imported fuel rising in the global market.

This is contained in the latest report from the Organisation of Petroleum Exporting Countries (OPEC) yesterday.

Oil traders, who spoke to newsmen, said refiners would pass the high price of oil to fuel importers, including Nigeria which imports 100 per cent of its petrol from the global market.

However, new imports would require more Naira, currently going for N950/United States dollar, as the shortage of the dollar continues to impact the nation’s economy.

While NNPC Limited and major marketers continue to sell the product at N568 per litre, their independent counterparts retail at high prices, ranging between N570 and N700 per litre in different parts of the nation, depending on location. The National Operations Controller of Independent Petroleum Marketers Association of Nigeria, (IPMAN), Mike Osatuyi, could not be reached for comments as of the time of filing this report.

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