Metro Fuel Scarcity: Petrol Pump Price In Reality is Now N167/Litre- Oil Marketers



The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr. Mike Osatuyi, believes the current price of petrol is higher than N145/litre.

According to him, the problem is that the importation (of petrol) is being handled almost 100 per cent by the Nigerian National Petroleum Corporation as "private importers have backed out because the increase in crude price has made the landing cost enter subsidy.

“Right now, the landing cost of the PMS is N154. If you are importing at N305 to the dollar, by the time you add bank charges, it comes to N307 to the dollar. If you apply that to the current crude price, the landing cost is N154-N155. By the time you add all the margins, the pump price is about N160-N167.

“Before private importers can resume importation, the exchange rate to a dollar must be N250 and we can sell at the price of N145 per litre.”


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