The Federal Government is set to effect an upward review in the pump prices of Premium Motor Spirit, popularly known as petrol, oil marketers have said, 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 Nigerian National Petroleum Corporation on Saturday in Abuja.
They said they had started importing petrol as many oil majors and a few independent dealers were accessing the United States dollars, as promised by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, stated that the NNPC had ensured that petrol dealers would get the product, adding that many marketers had also started importing the product.
On the measures so far put in place by oil marketers to stabilise and sustain supply, Olawore said, “That is the challenge all of us face now. The sustenance is now the issue but we will try to sustain it.”
When asked if marketers had started accessing forex for petrol importation, he said, “The issue is that they (government and the NNPC) have spoken with the upstream companies. These companies are helping some majors. And the NNPC, on its own, is helping some majors as well as other marketers.
“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.”