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Marketers hoard petrol over subsidy removal rumour

01 June 2015, 14:02

Lagos - Indications emerged that some marketers of refined petroleum products, who were not sure of the new policy direction of the President Muhammadu Buhari, have resulted to hoarding the product, Punch reports.

The marketers believed that stockpiling petroleum products ahead of a likely deregulation would boost the value of the products when eventually they were made available to consumers after the sub-sector might have been fully deregulated, which automatically would result in petrol and kerosene being sold for higher prices.

Also read: Reps oppose fuel subsidy removal

As of Thursday last week, the eve of the handover to the new administration, the country was paying N41.57 as subsidy on every litre of petrol, according to data obtained from the Petroleum Products Pricing Regulatory Agency.

If deregulation eventually happens, consumers of petrol will be paying N128.57 for a litre of the product based on the current PPPRA pricing template of N87 official pump price plus the subsidy of N41.57.

Read more at Punch

- News 24


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