There have been widespread speculations about the possibility of a new price regime of the pump price of Premium Motor Spirit, known as petrol.
However, the development which is currently causing palpable fear among stakeholders may not be unconnected with increase at the price of crude in the international market, according to Dr. Joseph Obele, the state chairman of Independent Petroleum Marketers.
Dr. Obele disclosed to newsmen that the Pipeline Product Marketing Company PPMC, who has the mandate is yet to announce new price of petrol as a result of increase in the price of crude at international market which in turn may have caused certain product outlets in Port Harcourt and its environs to have been shut down by marketers in anticipation of a new price increase.
It was observed that some marketers are already taking advantage of the situation as they sell their product between N190 and N200 per litre.
On why the situation has continued to affect the nation negatively, the IPM chairman, stated that no Nigeria’s refineries is working (optimally) as to bring relief to the economy as government now relied on importing refined crude oil abroad.
