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.”