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Fuel marketing companies in Nigeria have asked the government to approve a pump price increase because of the growing costs of crude oil and the depreciation of the naira against the dollar, news organisations reported on Monday.
The reports quoted a joint statement by marketing companies at the weekend in which they recommended a price increase from 20 to 24 naira (22 to 26 US cents) a litre.
"The decision of the government allowing marketers to import and allow normal pricing based on import parity has been the key to the enormous progress achieved so far in the supply situation," the statement said. But with output from the country's four refineries still low, Nigeria could face further shortages "and even longer queues if these slight increases" were not approved, it said.
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