There are indications that the price of Premium Motor Spirit (PMS) may hit N320 per litre later this month as the Federal Government has concluded plans to remove subsidy on the product as part of the ongoing implementation of the Petroleum Industry Act (PIA).
According to reports, the increasing oil price, expected to hit $100 per barrel before the end of this year, will also push prices of petroleum products to a record high and worsen the spike in price of Liquefied Petroleum Gas (LPG).
The Nigerian National Petroleum Corporation (NNPC) had last week disclosed that it spent a total of N905.27 billion on petrol subsidy in eight months amid rising global oil prices.
The price of diesel has already skyrocketed to N350 per litre, an indication that may further worsen plight of local manufacturers and businesses, which largely rely on the product for power generation in the face of erratic power supply in the country.
Source: Guardian news