Petrol To Sell For N130 And Above Per Litre Soon

The Federal Government is set to commence partial deregulation of the downstream petroleum sector.

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the Federal Government was looking at privatising the nation’s refineries within the next 12
months.

Vanguard reports that it is projected that at the current exchange rate and current price of crude oil, the major and independent marketers could sell as high as between N120 and N130 per litre or at prices convenient for them.

It will be recalled that the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, had last month during a visit to the Petroleum Products Pricing Regulatory Agency, disclosed that from May 2016, the price of Premium Motor Spirit would be reviewed to reflect current trends in the global petroleum industry.

Source: Vanguard