The Major Oil Marketers Association says that the landing cost of petrol has risen to N278 just as the price of crude oil in the international market reached $80 shortly, with experts worrying that subsidy payments would increase.
The international crude oil benchmark traded at $80.02 per barrel, its highest since October 2018, as of 12:09pm Nigerian time on Tuesday according to Oilprice.com. Brent had fallen to $78.89 per barrel as of 7:14pm, while the United States West Texas Intermediate traded 0.45 per cent lower at $75.11 per barrel.
The executive secretary and chief executive officer of MOMAN, on a phone call with our correspondent, said, “The last time we checked in September, the spot price if we assume an exchange rate of N410 per $, you have a landing cost price of N278 per litre.
The truth is for as long as we continue to subsidise the price of fuel, they are borrowing money to consume. This means they are selling short the future generations. They need to adopt mass transportation to cut the per capita consumption of fuel and also reduce their dependence on importation to reduce the stress on the naira.”
The Group Managing Director, Geoplex Drillteq Limited, Mr Wole Ogunsanya, says that the country failed to meet its quota due to lack of investments and poor management of assets.
