Industry experts told Business Day that the current petrol price template is predicated on an exchange rate of N285/$ and crude oil price of $45 per barrel, and these have now been overtaken by an exchange rate of N305/$ and oil price of about $55 per barrel.
Although the pricing template had been rendered void since June, following the devaluation of the naira and the up tick in gas prices, petrol marketers sold old stock, hence were able to maintain the N145 set in May.
But as soon as the marketers run out of stock and start importing new cargoes, a new pricing template must evolve and it could see Nigerians pay as high as N165 per litre in January, according to Dolapo Oni, head of energy research at Ecobank.
“As we see higher crude oil prices, let us also expect higher fuel prices. I expect an increase to at least N165 per litre in January,” Oni said in response to Business Day questions.