Major petroleum products marketers and other independent traders who recently restarted importation of Premium Motor Spirit (PMS), also called petrol, after
Ahmed had listed the three companies currently importing the product to include A.Y. Ashafa, Prudent and Emadeb, adding that others would import in the coming weeks.
The oil markers also urged the government to put in place measures capable of addressing the rising cost of food items and transportation in the nation in order to impact the welfare of citizens affected by the recent deregulation of the sector. But speaking to our Correspondent yesterday, a key petroleum products dealer, said marketers would protest rising exchange rate of the dollar and scarcity that have impacted their profitability.
“ As it stands now we are not ready to import else we sell at a loss because NNPCL gets dollar at lower rate and except this disparity is addressed we are going back to the previous situation” he said. Olatunbosun called the impending price increase “unfortunate.”adding, “The situation is quite bad since prices are rising. Nigerian customers are in a terrible situation since they can no longer buy petrol’, he noted.“The government should step in and alleviate the masses’ suffering by providing palliatives and lowering taxes and levies.”
His reply follows the discovery that vessel scarcity in the worldwide market will drive up local costs of Liquefied Natural Gas, better known as cooking gas, in the coming months, according to reports. “Volatile shipping rates can eat up margin for an LNG trader looking to cash in on higher winter prices, and rising transportation costs can ultimately mean higher prices for buyers in Europe and Asia.”
The Nigeria LNG Limited often sells the cooking gas it generates locally to off-takers at the current currency rate.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cooking gas price to rise next week, say marketersTougher times are ahead of gas consumers, as marketers have hinted that prices will go up next week. The President of the Nigerian Associatio
Read more »
Fuel Price Will Increase As Naira Value Depreciates, Says Nigerian Association Of Independent Petroleum Marketers, IPMAN | Sahara ReportersThe Independent Petroleum Marketers Association of Nigeria (IPMAN) has said there will be a progressive increase in the pump price of fuel in the country. Speaking with SaharaReporters on the phone on Thursday, the National President of IPMAN, Chinedu Okoronkwo, said since the removal of subsidy on Premium Motor Spirit, also known as petrol by President Bola Tinubu-led Nigerian government, fuel pump price is no longer determined by the government but by the market forces and dollar to naira exchange rate.
Read more »
Naira tumbles to all-time low of N950/$ at parallel market | TheCableThe naira fell to an all-time low of N950 to a single dollar at the parallel market on Thursday afternoon.
Read more »
Naira plunges at Forex marketsThe naira recorded a 3.3 per cent decline on Wednesday to close at N782.38 per dollar.
Read more »
SABON JIDALIN RAƊAƊIN TSADAR RAYUWA: Darajar Naira ta zube, ta doshi N1,000 a Dala 1 - Premium Times HausaA kasuwannin 'yan canji dai sai da Naira ta faɗi ƙasa har ta kai an canji Dala 1 a Naira 910
Read more »
Naira hits all-time low at black marketThe Naira plunged to an all-time low at the parallel market on Thursday but clinched a slight gain at the spot market segment.
Read more »