Petrol marketers have called for urgent intervention by the federal government to arrest the fast increase in the pump price of diesel to prevent imminent
The association’s president, Mr Benneth Korie, said that diesel has witnessed incessant hike in prices in recent months, a development he said has been worsened by marketers’ inability to secure cheap bank loans that will enable them restock and sell petrol at the current pump price of N617/litre.Korie lamented that the rapidly-rising diesel price was evidently causing hardships in haulage transportation and commuting alike.
According to him, “NOGASA is worried about the ugly development and trying to understand why prices of diesel are going as high as N950 to N1,100 per litre in the market with a view to moderating the prices and shocks in the economy.”Experts, however, were of the view that the hike in diesel price may stem from the rise in crude oil price, which currently stands at $95 per barrel.Another factor is the Naira slump, which is inching towards N1,000/$1 in the parallel exchange rate market.
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