Get Set For Another Hike In Pump Price – Marketers Tell Nigerians
Oil marketers, on Monday, advised Nigerians to brace up for another hike in pump prices of petrol due to the new CBN forex policy of restricting access to foreign exchange and funds transfer out of the country.
According to the CBN, the Nigerian currency has been floated, hence there will be a single market for acquisition of the foreign currency.
The marketers revealed that the hike is as a result of the falling international market price as the United States dollar hit an all-time high last week, exchanging for N400 at the parallel market.
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One of the member of a Major Oil Marketers Association of Nigeria who spoke to newsmen, 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.
“They should know that the days of higher profits are gone. Before now, if you want to import petrol, you’ll have to wait for months and possibly bribe some people to get an import licence. But those days are gone; nowadays, every interested dealer can get the licence and this has created room for competition, which is why you still get the product at around N140 to N145 per litre. We only hope that this will continue as the dollar availability improves.”
Another oil marketer also said that the ex-depot price of the PMS had remained at N133.28 per litre because the marketers were doing their best to manage the situation.
He said, “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.
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“However, most depots are still managing the situation and are selling at the recommended price of N133.28 per litre to filling stations. 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”.
