Industry experts told Business Day that the current petrol price template is predicated on an exchange rate of N285/$ and crude oil price of $45 per barrel, and these have now been overtaken by an exchange rate of N305/$ and oil price of about $55 per barrel.
Although the pricing template had been rendered void since June, following the devaluation of the naira and the up tick in gas prices, petrol marketers sold old stock, hence were able to maintain the N145 set in May.
But as soon as the marketers run out of stock and start importing new cargoes, a new pricing template must evolve and it could see Nigerians pay as high as N165 per litre in January, according to Dolapo Oni, head of energy research at Ecobank.
“As we see higher crude oil prices, let us also expect higher fuel prices. I expect an increase to at least N165 per litre in January,” Oni said in response to Business Day questions. Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
Chanji dole!
ReplyDeleteSai Baba!
Sai Tinubu!
...na now we know that fuel subsidy was a scam and that we were subsidizing corruption. Talk is cheap....! Hehehehehe!
Sai Baba!
Expert or nnpc? Siren go soon dey sound like olè olè olè olè olè olè. And wetin go dey follow na mob action. Useless government
ReplyDeleteExpert or nnpc? Siren go soon dey sound like olè olè olè olè olè olè. And wetin go dey follow na mob action. Useless government
ReplyDeleteFrom #85 to #145 to #165 for petrol. Dollar from #180/#175 to 480/485. Yet foolish ones still say it is well. Sorry oh. Under one and half years.
ReplyDeleteThis must be catastrophic! When oil prices depreciated all over the word, Nigerian were still paying #145.OO per litre. Now that there is increase the Petroleum Minister is quick to inform us (Nigerians) we should expect increase jumping up to #165 per lit. 2O17. What do we say to all these things? What's the minister's yardstick for costing this product in Nigeria? Is this on the international rise and fall of this product on international costing or? Why this unwholesome burden over the citizens of this country? Remember one day will come for everyone to give account of his or her own stewardship it's abosolutely inevitable.
ReplyDelete