Oil marketers are anticipating that the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, could reach N515/litre if they are allowed to source foreign exchange at parallel market rates for fuel importation.
Presently, the Nigerian National Petroleum Corporation (NNPC) is the sole importer of PMS in Nigeria, as other marketers halted their importation activities due to challenges in accessing the United States dollar.
Marketers have revealed that the current ex-depot price of petrol set by NNPC Retail stands at N467.39/litre. They explain that this pricing disparity is a result of the national oil company obtaining dollars at a more favorable exchange rate.
To achieve a fair and competitive fuel market, oil marketers are urging the government to level the playing field by ensuring equal access to foreign exchange for all industry players.
Granting marketers the ability to import petrol will enhance competition, potentially leading to better pricing and improved service delivery for consumers.
By encouraging fair forex access, the government can create an environment that fosters healthy competition, ensures supply stability, and provides consumers with more affordable fuel prices.
