AfriqueCAN
OIL marketers have advised Nigerians to brace up for a continued rise in the price of Premium Motor Spirit (PMS) or petrol to about ₦1500 per litre as the US-National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), President, Dr. Billy Gillis-Harry, advised Nigerians while appearing on Channels The Morning Brief on Tuesday to discuss ‘The Effect Of Global War On Fuel Prices’.Israeli and Iran showed no sign of abating.
According to him, product availability currently being provided by the Dangote Petroleum Refinery, even though at higher prices, was a better option than scarcity.
“The reality is that if you look at the volatility in the price from what we are seeing today, the Dangote Refinery is the salvation for us, due to the consistent source of product, which is much more important at this time than anything.
“The availability of product is much more important than pricing. The pricing we predicted has risen above ₦1,000 per litre, the other time, to ₦1,175 at the gantry.
“By the time we add the charges, logistics, and others, the price will get higher and higher. So, yes, ₦1500 per litre is not far-fetched. It should not make us panic. It is better for us to have the product available, be able to do our business, and get some level of energy security than not having it”, he said.
His stance followed ongoing tension in the Middle East, which has sent energy prices higher than expected.