Business
Marketers Groan As Diesel Price Hits N1,100 Per Litre
The marketers argue that they are struggling to sustain the distribution of petrol and other products nationwide…
Petrol marketers are urgently appealing to the federal government to address the significant increase in the pump price of diesel to prevent a potential distribution crisis.
The marketers argue that they are struggling to sustain the distribution of petrol and other products nationwide due to the soaring price of diesel, which now reaches N1,100 per litre in many locations.
VerseNews reports that this plea is made by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) in a statement issued by its president, Mr. Benneth Korie.
Korie highlights the continuous and substantial price hikes in diesel over recent months, exacerbated by the marketers’ inability to secure affordable bank loans for restocking and selling petrol at the current pump price of N617 per litre.
The rising diesel prices are causing significant challenges in haulage transportation and daily commuting.
The NOGASA president calls on the government to intervene promptly to prevent the sector from collapsing and disrupting anticipated growth.
The association plans to address the issue of escalating diesel prices at its annual general meeting (AGM) scheduled for October.
Experts suggest that the diesel price increase may be linked to the rising crude oil price, currently at $95 per barrel, as well as the depreciation of the Naira, nearing N1,000/$1 in the parallel exchange rate market.
Korie advises the government to prioritize emergency attention for Nigerian refineries to mitigate the impact of rising energy costs on the economy.