Oil marketers said "The Federal Government may soon increase the pump prices of petrol", attributing this to the recent increase in the cost of Crude Oil at the international market. Crude Oil Price had fallen below $30 per barrel earlier this year, but as of May 2, 2016, the commodity’s cost rose to $45.83, according to data obtained from the NNPC on Saturday in Abuja.
The Corporate Affairs Manager, Nipco Plc, a renowned oil marketing firm, Mr. Lawal Taofeeq, stated that the petrol subsidy issue must be managed properly by the government in order to ensure adequate sustenance of the present improvement in fuel supply across the country.
Before, there was no subsidy on petrol. But now, considering the rise in crude oil price, there is subsidy despite the fact that the official pump price hasn’t been changed. So, if the subsidy issue is not managed properly, marketers may not want to import the product unless they are sure of their money. “The government has been using the price modulation technique, and as crude oil price is going up, it will be adjusting the pump price of petrol. Any moment from now, there may be an upward review in the pump price of petrol to take care of the rise in the price of crude oil in the international market.”
The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore stated that “The NNPC has done a lot. Let us give it to them because they’ve truly done a lot. We have also been bringing in the product but majority of the vessels were brought in by the NNPC. That is why I say it is right for dealers and consumers to laud them this time around.”
The Corporate Affairs Manager, Nipco Plc, a renowned oil marketing firm, Mr. Lawal Taofeeq, stated that the petrol subsidy issue must be managed properly by the government in order to ensure adequate sustenance of the present improvement in fuel supply across the country.
Before, there was no subsidy on petrol. But now, considering the rise in crude oil price, there is subsidy despite the fact that the official pump price hasn’t been changed. So, if the subsidy issue is not managed properly, marketers may not want to import the product unless they are sure of their money. “The government has been using the price modulation technique, and as crude oil price is going up, it will be adjusting the pump price of petrol. Any moment from now, there may be an upward review in the pump price of petrol to take care of the rise in the price of crude oil in the international market.”
The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore stated that “The NNPC has done a lot. Let us give it to them because they’ve truly done a lot. We have also been bringing in the product but majority of the vessels were brought in by the NNPC. That is why I say it is right for dealers and consumers to laud them this time around.”
