Crude oil, rose to a high of $84/barrel on Wednesday, there are fuelling theories that Nigeria might witness another increase in the pump price of Premium Motor Spirit (PMS), popularly called petrol, in the coming weeks.
Crude oil, which is a major determining factor for refined petroleum products’ prices, lingered between $75 and $78/barrel for over a month, but reached its highest price on Wednesday, after witnessing similar highs since last week.
According to oil marketers on Wednesday, the rise in crude oil price coupled with the increase in exchange rates would warrant further increase in petrol price, the Nigerian National Petroleum Company Limited (NNPC) maintained its position on selling Premium Motor Spirit (PMS) at the market price.
Although other oil marketers have commenced the importation of petrol into Nigeria, The Nigerian National Petroleum Company Limited (NNPC) is still the major importer of the product, being the supplier of last resort.
