Fuel price pain deepens as projected October petrol and diesel hikes grow
South Africa’s October fuel price outlook has worsened, with petrol hikes nearing R3 a litre and diesel increases above R3 as Brent crude remains around $100 a barrel.
The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has dismissed the request by civil servants to lower petrol prices to N500 per litre. National President Billy Gillis-Harry told DAILY POST that such a demand is unrealistic, given the current state of the downstream petroleum market. He warned that resurrecting fuel subsidies, which once brought Nigeria's economy to its knees, should be avoided at all costs.
Gillis-Harry urged the advocates of N500 per litre fuel to construct their own refineries and filling stations to accommodate the desired price point. The conversation comes as the Federal Government engages with oil and gas industry players on the issue of fuel pricing. Earlier this week, Dangote Refinery decreased its petrol price by N25 to N1,325 per litre in response to a decline in crude oil costs.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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