FG Officially Increases Petrol Price By N10 As Fuel Scarcity Lingers

FG Officially Increases Petrol Price By N10 As Fuel Scarcity Lingers

Vondigest reports that the Federal Government  FG officially increases petrol price upwards by N10 as fuel scarcity lingers.

In a bid to cushion the negative impact of high operating cost on the availability of Premium Motor Spirit across the country, this online platform gathered that the Federal Government has approved an upward review of N10 on the retail price of petrol.

The approval, reportedly was given by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

With the upward review, the price of Premium Motor Spirit will now be raised from the current range of between N175 and N180 per liter to about N185 and N190 per liter.

Further research by joirnalits showed that the increase is to compensate for the current market realities associated with escalating foreign exchange and high lightering charges such as cost of chartering shuttle vessels for discharge of PMS.

These costs, according to a top official of government, have negatively impacted the movement of PMS to designated depots.

Current market realities, according to findings indicates that chartering of STS/Shuttle vessels has now moved from between $18,000 per day to around $65,000 per day thereby impacting on high operating cost

The source said, “There has been an upward review of the Premium Motor Spirit (PMS) Retail prices by about #10/Litre. This is to compensate for the current market realities associated with escalating foreign exchange and high lightering charges (cost of chartering shuttle vessels for discharge of PMS), which is impacting on movement of PMS to designated depots.

“Current market realities indicates that Chartering of STS/Shuttle vessels has now moved from between $18,000 per day to around $65,000 per day thereby impacting on high operating cost.”