Fears of Petrol Price Increase Persist as Marketers Fail to Import Petrol Due to Forex Scarcity
- Petrol marketers have said they could not import petrol due to the scarcity of foreign exchange
- According to marketers, it is preferable to buy from NNPC than import due to the high cost of the product
- They reveal that sourcing foreign exchange at about N771 to the dollar is strict following the float of the Nigerian currency
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The failure of petrol marketers to import petrol into Nigeria due to scarcity of foreign exchange has heightened fears of impending price hikes across the country.
Three of the licensed downstream companies are yet to source forex to purchase petroleum products, according to reporting by Punch.
Source: Getty Images
Nigeria licenses oil marketers for petrol imports
The Nigerian Midstream and Downstream Petroleum Regulatory Authority recently issued importation licenses to six downstream firms.
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Reports say only three recently licensed firms would begin petrol imports this July.
Punch quotes sources as saying that the companies, despite licenses, could not import petrol due to their inability to source for forex.
The importers stated that purchasing the product is cheaper than importing, saying clarity is needed.
The marketers say they want to know if they are importing or buying from the Nigeria National Petroleum Company Limited (NNPC).
The marketers insisted they could only import petrol once there was a foreign exchange.
Licensed markers fail to import fuel
The NMDPRA announced on June 15, 2023, that three oil marketers would start petrol imports in July.
Farouk Ahmed, the Chief Executive Officer of NMDPRA, said the marketers agreed to boost cooperation with security agencies to facilitate hitch-free supply and distribution of petroleum products.
Petrol Prices to drop as more fuel-carrying vessels arrive Nigeria
Earlier, Legit.ng reported that major and independent fuel dealers have asserted that significant shipments of Premium Motor Spirit, commonly known as petrol, are set to arrive in Nigeria starting next week.
These consignments, imported by prominent oil marketers, can potentially drive down the commodity's price in the market.
This follows Legit.ng's report about private depots lowering their petrol prices, now ranging between N495 and N496 per litre, down from the previous range of N502 to N503 per litre.
Source: Legit.ng
