Anxiety: As pump price of petrol rises
*Costing template shows landing price at N1,205/ltr *NNPCL already overwhelmed by subsidy *Marketers give condition for participating in importation *New official pump price expected this month *Dangote Refinery concludes fuel refining plans *Commuters pay higher fares Nigeria’s downstream petroleum industry may have gone into a frenzy, following clear indications that the Federal Government may no longer sustain the cost of under-recovery, otherwise known as subsidy, as a result of steady rise in petrol import bills. Industry operators told Vanguard yesterday that it is now clear that pump price may be officially raised soon to enable government, through the Nigerian National Petroleum Company Limited, NNPCL, generate enough funds to settle its outstanding bills on products received on credit supply by several international dealers. Consequently, they speculated that a compromise pump price of N1,000 per litre or more may be underway, though some of them quoted the landing cost o...