Naira Falls To 920/$, And Petroleum Merchants Want A New Price Increase

Following a further decline in the value of the naira versus the US dollar, oil marketers insisted on a potential increase in the price of gasoline at the pump on Thursday.

On Thursday, oil marketers and dealers stated that the pump price of gasoline could not remain at N617/litre with the exchange rate at N920/$, especially if the current exchange rate persisted.

According to the Secretary, IPMAN, Abuja-Suleja, Mohammed Shuaibu "the petroleum products market today is largely determined by forex.

"Of course, there was panic when the dollar was almost hitting N1,000, which is why the government is supposed to act quickly to avoid a crisis. They (the government) debunked projections of fuel price hikes. But the truth is that as it is now, no indigenous marketer is going to bring in this product any longer because of the rate of the dollar. The petrol being consumed now is from the reserve, but we don't know what the government's plan is. I don't know if there is any ship that is bringing in products now."