BREAKING: Petrol Price Set To Crash Above N1,500 Per Litre By December

Petrol Price has been projected to crash above N1,500 per litre by December.

 

NewsOnline Nigeria reports that oil marketers have explained that Nigeria’s future price of Premium Motor Spirit (Petrol) is unknown and difficult to predict.

 

The President of the Petroleum Products Retail Outlet Owners Association, PETROAN, Bill Gillis-Harry, disclosed this in an interview with DAILY POST.

 

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Speaking on the speculation that petrol prices may hit N1500 per litre by December, Gillis-Harry said, “Nothing is static”.

 

According to him, it is difficult to predict the price of petrol due to the deregulation of the oil and gas sector.

 

He noted that what the Nigerian government and the citizens should be concerned about is energy security and the availability of petroleum products.

 

“Right now, I am completely unable to give you an exact figure on what the fuel price will be in December 2024.

 

“Nothing static. We can’t settle for any figure of fuel price at this moment. We need to be sure that there is sufficient stock of petroleum products to guarantee our energy security. We are not certain of what the future holds,” he told DAILY POST.

 

Earlier, oil marketers requested N100 billion intervention from the federal government to stop petroleum businesses from total collapse in the coming weeks.

 

The development comes as Nigerians grapple to purchase petrol at over N1,030 per litre nationwide.

Recall that on October 9, the Nigerian National Petroleum Company Limited increased its pump price of petrol to N1,030 per litre in the Federal Capital Territory, Abuja, from N897.

However, other filling stations sell between N1,080 and N1,300 per litre, depending on the location.