Major oil marketers in Nigeria are considering increasing the pump price
of petrol following the lingering scarcity of dollars and high exchange
rate. According to the marketers, the exchange rate which went to as
high as N400 to $1 last week, is seriously affecting them as they cannot
continue to import fuel at such rate and sell at the Federal government
stipulated price of N145 per liter. Many of them say if the N400 to $1
persists, they will be forced to increase the pump price.
The Federal government on May 11th liberalized the
downstream sector of the petroleum industry and announced an increase in
the pump prices of petrol from N86 and N86.50k per liter to between
N145 per liter.
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