The prices of crude maintain steady rise as Brent crude sold above $133 as at 6pm Tuesday.
The increase began when the Russia-Ukraine war began, just as the exchange rate instability in Nigeria, among others, have pushed up the prices of refined petroleum products across the country. .
The Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari had confirmed the position of oil marketers on the impact of crude price hike on refined petroleum products in Nigeria
Oil marketers said the rise in global crude oil prices had been pushing up the cost of Automotive Gas Oil, popularly called diesel; JetA1, otherwise called aviation fuel; as well as Premium Motor Spirit, also known as petrol.
Findings on Tuesday showed that diesel sold for between N550 – N625/litre in the few filling stations that dispensed the commodity.
“Unlike PMS, diesel or AGO has been deregulated and the price is basically determined by the cost of crude oil, foreign exchange rate and few other factors,” the President, Petroleum Products Retail Outlets owners Association of Nigeria, Billy Gillis-Harry, stated.
Gillis-Harry said “while diesel is a deregulated commodity, petrol is not deregulated but is rather subsidised and you can imagine the amount of subsidy being spent on a litre of petrol currently.”
