Petroleum marketers in Nigeria have declared the actual price of Premium Motor Spirit (PMS), commonly known as petrol, at filling stations. According to the marketers, the correct price of petrol should be N1,500 per litre, citing a gap between the cost-reflective price and the current pump price, which ranges from N617 to N820 per litre.....CONTINUE READING THE ARTICLE FROM THE SOURCE
The President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Harry, made the disclosure, explaining that the product is not sold below $1 anywhere in the world.
He said, “Nobody is going to import the product around N1,500 and sell it for less than N1,400. This is because you have to make profit to be able to restock the product. “There is nowhere one litre of the product sells for less than $1, and $1 today is N1,600 or thereabout; it is almost N1,700. So, you can see, even if you import petrol even at 90 cent, you can’t reasonably make any profit. “So, the government is absorbing the shock. The NNPCL is absorbing the shock. We are willing. We are still making efforts.” Dr. Harry also said marketers face challenges in accessing foreign exchange (forex) from the Central Bank of Nigeria (CBN), making it difficult for them to import petrol.
He recalled the union’s attempt to bring in one cargo when deregulation started, but they couldn’t continue due to the forex access challenges. He expressed optimism that the petrol market would soon record some respite following a meeting with local refineries earlier in the month.
