There are speculations of petrol price hitting N190 because of Non-implementation of the full deregulation of the downstream petroleum sector.
Top officials of two major marketers’ associations disclosed to Punch, said the continued increase in oil prices had brought back petrol subsidy as the pump price of petrol should be between N185 and N200 per litre to reflect the further rise in crude oil prices.
Mr Mike osatuyi said;
"Government cannot afford subsidy, and there is no subsidy in the budget. So, the market fundamentals have to come to force now.
“Based on $56 per barrel of crude oil, our pump price should be about N186 to N190. But now that oil price has even gone to $59, then pump price should not be less than N200 per litre. There is no way Nigerians can avoid petrol price increase.”
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