The Major Oil Marketers Association (MOMAN) has revealed that the landing cost of petrol has risen to N278 and the price of crude oil in the international market reached $80 shortly on Tuesday.

This development has left experts worried that subsidy payments would increase as the international crude oil benchmark traded at $80.02 per barrel, its highest since October 2018.

As of 12:09 pm Nigerian time on Tuesday according to Oilprice.com. Brent had fallen to $78.89 per barrel as of 7:14 pm on Tuesday, while the United States West Texas Intermediate traded 0.45 percent lower at $75.11 per barrel.

In an exclusive interview with Punch, the executive secretary and chief executive officer of MOMAN confirmed the development.

“The last time we checked in September, the spot price if we assume an exchange rate of N410 per $, you have a landing cost price of N278 per litre.

“The truth is for as long as we continue to subsidise the price of fuel, we are borrowing money to consume. This means we are selling short the future generations. We need to adopt mass transportation to cut the per capita consumption of fuel and also reduce our dependence on importation to reduce the stress on the naira.”

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