BREAKING: Fuel price may rise to N190 per litre as landing costs hit N180 P/L

Indications emerged Monday, that stakeholders would soon emerge with a new price of petrol as the landing cost of the product rose from N151 to N180 per litre.

The development is due mainly to rising price of crude oil in the international market.

According to Vanguard, the rise of crude oil price from $58 to more than $63 per barrel, yesterday, culminated in refiners incurring additional cost in the process of procuring, refining and supplying petrol to consumers, thus causing marketers to also incur additional cost, especially as a bulk of the product is currently imported into the nation.

Nevertheless, it was gathered that the pump price could rise from N162 to about N190 per litre when the marketers’ margins and other considerations are added. However, the Nigerian National Petroleum Corporation, NNPC has summoned the major marketers, independent marketers and other stakeholders to a crucial meeting, which was ongoing at the time of writing this report.