The Federal Government is at the verge of approving the price of a litre of the Premium Motor Spirit (PMS) petrol to N150 per litre following an increase in the prices of crude oil the basis upon which marketers are pushing for the upward review of the commodity.
EyewitnessMedia had reported that Petroleum Products Pricing Regulatory Agency (PPPRA ) last month announced increase of the product to a band of N140.80 to N143.80 per litre.
It was the first time the agency approved a new price after removal of petrol subsidy.
Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.
A reliable source at the meeting on Tuesday told The Nation that the marketers were seeking a further increase in the price owing to the soaring priced of crude oil in the international market.
The Brent Crude that sold for $43.24 per barrel in July sells for $44.03 per barrel.
“We are asking the PPPRA to approve N150 per litre because the prices of crude oil have increased and there is no subsidy on the product.
“You will hear the announcement of the new price around four o’clock today (Tuesday ).”