The pump price of Premium Motor Spirit, popularly called petrol, could hit N400/litre at most filling stations before the end of this year, going by the continued scarcity of the product, oil marketers stated on Tuesday.
This will represent over 100 per cent increase in the pump price over the period. Dealers said if the scarcity of petrol failed to abate, its pump price would continue to rise, as they noted that PMS cost was already about N450/litre at the black market in many states.
This came as motorists decried the continued silence of the Federal Government and the Nigerian National Petroleum Company Limited over the lingering crisis in the downstream oil sector.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent that most IPMAN members, who owned bulk of the filling stations across the country, were now subjected to purchasing PMS at about N220/litre, which was why many outlets currently dispensed at about N250/litre and above.
He said the cost of the commodity had been rising due its unavailability and other concerns in the sector, stressing that consumers should be ready to pay between N350/litre to N400/litre before the end of this year.