Premium Motor Spirit (PMS) petrol may start selling its petrol for N150 per litre starting in August as marketers looking for a rise or upward review.
The news of fuel price increasing to N150/L came after the Petroleum Products Pricing Regulatory Agency (PPPRA ) announced an increase of the petrol to sell within N140.80 and N143.80 per litre in July.
And if we could recall vividly, the same agency had approved the price of petrol to sell within the price of N121.50 & N123.50 per litre on the 1st of May.
However, a source who spoke to The Nation said marketers are seeking a further increase in the price of PMS due to the soaring price of crude oil in the international market.
The current price of crude oil in the international market is now $44.03 per barrel, an increase of $0.79.
The source said;
“We are now in the meeting to fix a new petrol price for the month of August.
“We are asking the PPPRA to approve N150 per litre because the prices of crude oil have increased and there is no subsidy on the product.
“You will hear the announcement of the new price around four o’clock today (Tuesday ).”