Diesel price may hit N1,500 per litre in the next two weeks Marketers - AMEBO ONLINE NEWSPAPER

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Diesel price may hit N1,500 per litre in the next two weeks Marketers

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The Natural Oil and Gas Suppliers Association has said that the price of diesel would keep increasing and might hit N1,500 per liter in the next two weeks if nothing drastic is done to curtail the current challenge faced by importers of the product.

Speaking to newsmen in Abuja, the National President of the Association, Bennett Korie, said that about 75 per cent of filling stations across the country are currently out of business due to their inability to purchase diesel required to power their tankers and transport Premium Motor Spirit, popularly called petrol, to their various outlets. He stated that the only solution to the current challenge is for the Federal Government to raise the pump price of petrol a little in order to reduce the huge foreign exchange used in PMS imports.

“If you go round now you will see that about 75 per cent of filling stations in Nigeria have gone out of business. There is no diesel to take fuel to their stations. All of them are going down.

And it is not that the fuel is not there, but the cost of bringing it to the stations is too high. We know that the crisis between Ukraine and Russia has contributed badly, but the government has to do something fast, otherwise we are going to buy diesel in the next two weeks at N1000 to N1500/litre.”
On what can be done to the address the situation, Korie said

“The only way out, if you want to know, is that they (the government) should increase the price of fuel a little to reduce the money spent on PMS subsidy.

I know Nigerians will not be happy to hear this, but this is the only solution. They should increase the price of fuel a little so that the savings will enable the Central Bank of Nigeria to have enough foreign exchange.

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