Petrol Price Increase: FG may intervene – Oil marketers

Oil marketers have said that the federal government may likely intervene as crude and ex-depot price of petrol continues to increase.

The National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, has said that President Bola Tinubu had promised to intervene if necessary.

“First of all, we must thank President Tinubu for removing fuel subsidies because the country would have been in big burden by now.

“In view of the rising prices of crude oil, we can now see that the quantity of petrol they said we used to consume had dropped.

“At the same time, we can see that price of crude oil is increasing, meaning; Nigeria would have more money in addition to the money the country has saved from subsidy removal. Then, since we have more money in the country, we have pay as petrol price keeps rising”, Osatuyi said.

He added, “Ex-depot price is now between N585 and N590 per litre depending on the depot, and it will either go up or come down, depending on crude price and exchange rate.

“But the president has said that there would be interventions if need be. So, we believe they are watching as the situation arises.”

Recall that oil marketers confirmed another fuel price increase due to the constant fall of the naira and rising cost of crude.