There are revealing signs that the pump price of Premium Motor Spirit, popularly known as petrol, may rise as crude oil price soars as high as $60 per barrel, which means higher crude price will automatically translates into higher landing cost of imported refined petroleum products, which may force petrol to sell for above N200 per litre.
Petrol enjoys partial deregulation at the moment unlike household Kerosene or Automotive Gas Oil (AGO) otherwise called diesel, Jet-A1 and others that have been completely deregulated.
These fully deregulated products are selling for between N230-N260 per litre. With the enforcement of cut in production deal, as agreed by members and non-members of the Organization of Petroleum Exporting Countries (OPEC) in November last year, crude price has begun to show signs of tremendous recovery and analysts predicted that it may hit $60 per barrel by midyear.
