Petrol prices set to increase, as scarcity looms

Loveth Njoku, Petroleum news, Abuja

The Nigerian National Petroleum Corporation yesterday cried out over the increase in the landing cost of petrol.

The state-run oil firm lamented that the cost has exceeded N171 per liter while the pump price remained regulated at the maximum of N145 per liter.

The last known landing cost of the product was N171 per liter which is an indication that the price regime might be reviewed.

The prices of crude oil had recently risen to about $80 per barrel, which has a direct effect on the landing cost of petroleum products.

In December last year when the price was $64.37 per barrel, the NNPC Group Managing Director, Dr. Maikanti Baru said the landing cost, which include product cost, insurance and freight was $620 per metric ton.

 

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