Amidst speculation of an imminent fuel price increase as the Leone continues to depreciate against the dollars, one of the leading oil marketers had debunked the speculation of any increase.
Speaking to Awoko yesterday the Managing Director of the National Petroleum (NP) Mohamed Babatunde Cole revealed that there is no price increase and went on to explain that “it should have gone up, but government is subsidizing it at Le1, 702.19 cent for petrol per gallon”.
Furthermore government has decided to subsidize diesel at a cost of Le2, 026.18 cent, while Kerosene at Le1, 653.76 cent.
It was further learnt that the landing cost of petrol at the quay is now $775.80 cent for metric ton, while diesel is $643.30cent and kerosene is $690.75
Speculation of the increase since last week has left many tongues wagging of the economic effects it would have on citizens as every basic commodity would be affected.
As the Leone continues its slide against the dollar basic commodities have seen a rise in the market giving rise to a lot of grumbling from people.
The decision now by the oil marketers to put on hold an increase in the price of fuel has been most welcomed by motorist and consumers. A taxi driver told Awoko “it’s the most welcome news for quite sometime now, because any increase would have got a negative effect on the commuters”.