Petrol price to hit 400/litre at the end of the year

The pump price of petrol, has been predicted to hit N400/litre at most filling stations before the end of this year, going by the continued scarcity of the product.

The increase which  represent over 100 per cent increase in the pump price over the period was predicted by oil marketers on Tuesday.

Dealers said if the scarcity of petrol failed to abate, its pump price would continue to rise, as they noted that PMS cost was already about N450/litre at the black market in many states.

This came as motorists decried the continued silence of the Federal Government and the Nigerian National Petroleum Company Limited over the lingering crisis in the downstream oil sector.

As reprted by Punch, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, most IPMAN members, who owned bulk of the filling stations across the country, were now subjected to purchasing PMS at about N220/litre, which was why many outlets currently dispensed at about N250/litre and above.