Newscenter Media News The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has identified “difficulty in landing products” as the possible reason for the recent hike in the price of Premium Motor Spirit popularly known as petrol.
The Nigerian National Petroleum Company Limited (NNPCL) outlets in Lagos sold a litre of petrol for ₦998 which is ₦150 higher than the initial price of ₦855.
The situation remains the same in Abuja where the product pump price rose to ₦1,030 from ₦897 from per litre.
PETROAN President Billy Gillis-Harris dropped this hint when he featured in Thursday’s edition of Channels Television’s The Morning Brief.
He said; “What I can tell you is, once there is difficulty in landing products by NNPCL and the size of shock absorbing that they (NNPCL) can do become overwhelming, they will certainly shed some of the loads.
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“I think that’s what would have happened.”
The PETROAN chief also disclosed that the prices of the commodity would be determined by market forces.
“The truth right now is that petrol prices are going to be determined by the forces of demand and supply,” he said on the show.
“This does not mean that the prices will always be high. Remember that our dollar exchange value is going to impact very highly on the cost of PMS because we are operating a dollarized business in naira,* he added.
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