Given the continued scarcity of the product, Premium Motor Spirit, also known as gasoline, could reach N400 per litre at the majority of gas stations before the end of this year, according to oil marketers.
Dealers warned that the price of gasoline would continue to rise at the pump if the shortage persisted. Noting that PMS was already selling for about N450 per litre on the black market in many states.
The Federal Government quietly permitted depot owners to raise the price of gasoline at the pump from the approved rate of N147/litre to about N185/litre.
Billy Gillis-Harry, President of the Nigerian Petroleum Retail Outlet Owners Association, also discussed the matter. Stating that the price of PMS would continue to appreciate if the current situation persisted.