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 lit
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