BREAKING NEWS: Marketers Raise Alarm As Diesel Price Hits N1,100/Litre


Marketers Raise Alarm As Diesel Price Hits N1,100/Litre….>>>

Petrol marketers have called for urgent intervention by the federal to arrest the fast increase in the pump price of diesel to prevent imminent distribution crisis.


The marketers said they no longer sustain the distribution of petrol and other products nationwide as the price of diesel used to power their trucks sells for N1,100/litre in many locations.


The marketers, under the aegis of Natural Suppliers' Association of (NOGASA), raised the alarm in a statement on Tuesday.


The association's president, Mr Benneth Korie, said that diesel has witnessed incessant hike in prices in recent months, a development he said has been worsened by marketers' inability to secure cheap bank that will enable them restock and sell petrol at the current pump price of N617/litre.


Korie lamented that the rapidly-rising diesel price was evidently causing hardships in haulage transportation and commuting alike.


He, therefore, called on the to intervene before the sector gets grounded and derails the anticipated growth.


The NOGASA president assured that finding lasting solutions to the incessant hike in diesel price will be a major issue that will be addressed by the union at its annual general meeting (AGM) coming up in October.


According to him, “NOGASA is worried about the ugly development and trying to understand why prices of diesel are going as high as N950 to N1,100 per litre in the market with a view to moderating the prices and shocks in the economy.”


Experts, however, were of the view that the hike in diesel price may stem from the rise in price, which currently stands at $95 per barrel.


Another factor is the slump, which is inching towards N1,000/$1 in the parallel exchange rate market.


Korie advised that the refineries should be given emergency attention by the government to ensure rising energy cost does not the economy.


“We will continue to deliver on our mandate as we make progress in the Industry.


“We advise that suppliers should go about their respective businesses until proper resolution will be taken at the NEC meeting,” Korie stated.


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