Business Dollar Scarcity: Oil Marketers to Increase Petrol Pump Price Above N145/Litre

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LequteMan

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Nigeria's oil marketers are set to increase the pump price of petrol following continued scarcity of dollars for importation of the commodity, Punch reports.

Government had stipulated that petrol be sold at no more than N145 per litre, but harsh conditions are making the marketers to reconsider.

A member of the Major Oil Marketers Association of Nigeria said the continued depreciation of the naira is also reasons why they want to hike price of petrol.

“It is very logical for the PMS price to rise any moment from now, for there is no way somebody can import at the rate of N400 to a dollar and you expect him to continue selling at the official ex-depot price. And mind you, the government promised to facilitate forex provision to marketers at N287 to a dollar, because you cannot buy at N400 and expect to continue selling at the prevalent rates you see at filling stations today.

At the moment, most depots are still managing the situation and are selling at the recommended price of N133.28 per litre to filling stations, he said.

"It is when it goes above this price that you will notice the eventual increase in the pump prices of the PMS. So, if the trend of forex unavailability continues, then the situation may go out of the control of the marketers.”

There's no two ways to go about it, an official of a major oil marketing company added.

“The truth is that Nigerians just have to brace for higher PMS price; there are no two ways about it. The government cannot fund this market; the money is not just there. Even if the government wishes to assist, it does not have the wherewithal to do. So, Nigerians should brace for higher rates."
 

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