Archive Oil Marketers to Increase Petrol Pump Price Over Dollar...

Oil Marketers to Increase Petrol Pump Price Over Dollar Scarcity

-

- Advertisment -
Oil marketers in Nigeria have raised an alarm over the imminent increase in the price of petroleum products due to dollar scarcity.
The United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market making it difficult for the marketers to sustain their current mode of operations.
The marketers have warned that if the situation is not urgently addressed, the pump prices of petrol will not remain at the approved rates.
Speaking to The Punch on the issue, some oil marketers said despite the competition in the business, they were struggling to retain the price of the Premium Motor Spirit (PMS) popularly called petrol within the approved range.
An oil marketer who spoke under the condition of anonymity said: “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.” 
“We are all aware that the price of crude has been falling in the international market and it is the dollar the government gets from crude sale that it uses to solve forex problems. So, there’s no fast rule or solution to it than for all of us, both users and marketers, to just prepare for a price hike.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

COVID-19: Nigeria to Launch 38 oxygen Plants Across the Country

President Muhammadu Buhari has given the go ahead for the launching of at least 36 oxygen plants across the...

Minister Talks Tough On Violence Against Women, Girls

By IJEOMA UKAZU | ...Says Nigeria Must Mainstream Gender Following the high rate of Violence Against Women And Girls, VAWG in...

Christian Aid Appoints First Director Based Outside the UK

Christian Aid has appointed its first director based outside the UK. Nigeria-based Ojobo Ode Atuluku will join the charity at the...

Lauretta Onochie’s Affiliation with APC Makes Her Unfit as INEC National Commissioner – KDI

Kimpact Development Initiative (KDI) has expressed concern on the nomination of Ms. Lauretta Onochie, a political appointee and Senior...

Schools must be Open, Accessible and Safe from Attacks, say African children

African children speak out about how the COVID-19 pandemic tipped an existing education safety crisis to breaking point While the...

Day of the African Child: Nigeria Children Advocates For A Better Continent

By IJEOMA UKAZU |  "There are children out there who are vulnerable to violence, exposed to danger, forced into labour,...

Must read

Minister Talks Tough On Violence Against Women, Girls

By IJEOMA UKAZU | ...Says Nigeria Must Mainstream Gender Following the...
- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: