Connect with us

news

Marketers give conditions to sell petrol at N145

Published

on

The cost of petrol in the pricing template that is currently being reviewed will be determined by the rate of foreign exchange, oil marketers have said.

According to them, marketers will only import Premium Motor Spirit, popularly known as petrol, if the rate of forex is suitable enough to encourage the importation of the commodity, despite the ongoing review of template by the Federal Government.

On Friday, the Federal Government announced that it had commenced a review of the pricing template for petrol and insisted that the commodity would sell at N145 per litre.

However, oil marketers on Saturday, said the Federal Government could retain the cost of petrol at N145/litre after reviewing the pricing template, but outlined the conditions that will make this feasible for importers of petrol.

The National Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told SUNDAY PUNCH that it was possible to review the pricing template for PMS and retain the cost of the commodity at N145/litre.

He said, “Yes, anything government says it wants to do on this issue can be considered possible because the minister had already outlined three conditions.

“The first condition has to do with regulation and the next is for the NNPC to sell at a given rate to marketers who will now add their margins, while the third is through forex (foreign exchange).

“So if the government can give forex to marketers, then automatically marketers can be able to sell at the rate of N145/litre.

“So whether the template is reviewed or not, one major factor is the issue of forex. Currently, the dollar is about N365 and if the government can make it available to marketers at a rate of about N250, then marketers will be able to sell the product at the rate of N145/litre when they import.”

The IPMAN official also stated it is expected that Nigeria’s refineries will start functioning properly in about 18 months based on what the petroleum minister said recently at the National Assembly.

Maigandi said, “We hope that in the next 18 months our refineries will be in order, because that is what the minister said recently and he (Kachikwu) also said we are expecting other refineries to come on stream, like the Dangote refinery, as well as other modular refineries.

“But the truth is that as it is now, marketers cannot import petrol because of the cost of the commodity in the international market and the high forex rate.

“So we are expecting government to tell which of the listed conditions it will adopt so that this fuel crisis will end once and for all.”

Another oil marketer, however, wondered how the template would be reviewed to retain the cost of petrol at N145/litre, considering the price of the commodity in the international market.

This is coming as the Nigerian National Petroleum Corporation on Saturday stated that the pump price of petrol was N143/litre in NNPC retail outlets and N145/litre in other filling stations, while PMS ex-depot price of N133.28k per litre to marketers was still being maintained.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

Metro5 hours ago

SAD….. FRSC boss die of road accident

The Anambra State Federal Road Safety Corps Sector Commander, Sunday Ajayi, has reportedly died in an auto crash. An insider...

news1 day ago

DEBATE…Why I have so much grey hairs on my head—Osinbajo

Vice President Yemi Osinbajo has attributed the grey hair on his head as one of the factors showing how tasking...

Politics1 day ago

BREAKING…Vice Presidential Debate Begins

Ahead of the forthcoming general elections, debate for the Vice Presidential candidates of five political parties has commenced, ROYAL NEWS...

Politics1 day ago

EXPOSED…. PDP planning to hack into INEC’s server, APC alleged

The Peoples Democratic Party, (PDP), has been alleged of enlisting the services of some hackers from Russia in order to...

Foreign1 day ago

Why court sentenced 35yr-old man to 9yrs in prison

An Indian national has been sentenced to nine years in prison in the US for a brazen sexual assault of...

Politics1 day ago

Court sacks Donald Duke, declares Jerry Gana as SDP presidential candidate

An FCT High Court in Maitama on Friday declared a former Minister of Information, Prof. Jerry Gana, the winner of...

news1 day ago

Buhari challenges governors on infrastructure devt.

President Muhammadu Buhari has challenged state governors to redouble efforts in addressing infrastructure deficiencies in their respective states to revamp...

Politics2 days ago

Court sacks Buruji Kashamu, declares him illegal

The Peoples Democratic Party has commended the Thursday judgement of an Abuja Federal High Court validating the expulsion of Senator...

news2 days ago

FG working on early implementation of new minimum wage — SGF

The Federal Government is working toward early implementation of new minimum wage which has caused a lot of controversies in...

Politics2 days ago

No Diaspora or out-of-country voting in 2019-INEC

The Independent National Electoral Commission (INEC) says there will be no Diaspora or Out-of-Country voting for Nigerians in the 2019...

Advertisement

Trending

Copyright © 2018 Royal News.

%d bloggers like this: