Marketers Concerned as Diesel Prices Skyrocket to N1000 per liter

With the sudden surge in the pump price of diesel, petrol marketers are calling for the urgent intervention of the federal government to cushion the hike in the price and prevent an imminent distribution crisis.

The markers said they could not sustain the distribution of PMS and other products nationwide due to the hike in the pump price of diesel used to power their trucks, which sells for N1,100/liter in different locations.

On Tuesday, oil marketers under the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) raised the alarm about the hike in diesel prices.

NOGASA President, Mr Benneth Korie, stated that diesel saw a significant rise in price in recent months. He said that the hike has been worsened by marketers' inability to secure lesser bank loans that will assist them in restocking and selling petrol at the usual pump price of N627/liter.

The association boss also lamented how the pump price of diesel rapidly increased, which has now strengthened the hardships of haulage transportation and commuting alike.

He is calling on the federal government to intervene before the oil and gas sector goes beyond control limits.

He also assured the public that the union will discuss in its annual general meeting (AGM) coming up in October finding a lasting solution to the hike in the pump price of diesel.

He said,

• 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 liter in the market, with a view to moderating the prices and shocks in the economy.

• We will continue to deliver on our mandate as we make progress in the oil and Gas Industry.

• We advise that suppliers go about their respective businesses until proper resolution is taken at the NEC meeting.