Petrol Price has been projected to hit above N1,000 per litre.
NewsOnline Nigeria reports that the national president of the Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, has given the reason for the recent hike in petrol prices to between N930 and N960 per litre from N860 and N880 in Dangote Refinery’s partners, MRS filling stations, and others.
Speaking to DAILY POST, he also emphasises that Nigerians will have to buy petrol at N1,000 per litre in the coming days based on the outcome of the Naira-for-crude deal discussion between Dangote Refinery and the Nigerian Government through Nigerian National Petroleum Company Limited.
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Excerpts:
There are speculations that the price of petrol may jump to over N1,000 per litre. What is your take on that?
I have said it based on variable evidence that you laid out to me: the price will not be stable for a while. The stability of price will only come after a consistent average has been achieved. That is when we can say this price will be somewhat stable and the movement will not be too volatile. But as long as we are still in this situation where we are doing experiments, prices will continue to be flexible.
So what you are saying is that you are not foreseeing an increment beyond N1,000 per litre fuel price, right?
The same market prices will determine whether we are going to get N1,000 per litre. We are already selling N950 and above. So there is no way the price of petrol will not climb up. But from a physical perspective, we only work with empirical evidence.
I have just gone back to the drawing board, and we will ask our members to review. Let us see what the realities will be, and then they can come up with what I will authorise as the price released for the Nigerian public. So for now, this is where I will just stop and allow the juries of the market to determine how we are advancing the business.
