Major and independent petroleum product marketers in Lagos State have shut down their dispensing outlets over speculation of possible hike in pump price of
Also, transporters, who spoke to our Correspondent on Monday morning, complained that they can not access the product as many stations in the state have shut operations.
Ahmed listed the three companies currently importing the product to include A.Y. Shafa, Prudent, and Emadeb, adding that others would import in the coming weeks. The oil marketers 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.
“The licences cover multiple products such as ATK, PMS, and AGO. The regulator will tell you that we need them even when we are receiving products from the Nigerian National Petroleum Company Limited , particularly on the high sea.” “Go and check and see that crude price and refined products are sold in dollar. So we buy in dollars and as such market fundamentals determine the price at which we marketers will sell.
“Their purchasing power has decreased. Everyone is in tears. Consumers, middlemen, and retailers are feeling the pinch because business is now slow,” he warned. “Local taxes are exacerbating the problem,” he added, urging marketers who have the option of purchasing things locally to set pricing with “consumers’ sympathy” in mind.
“Tanker supplies are becoming increasingly scarce as traders use the ships as floating storage in the hope that LNG prices will rise as the weather cools.” Furthermore, the NLNG CP, like other globally traded commodities susceptible to price variations owing to market dynamics, is subject to change and can be evaluated higher or lower at least once to three times.According to the Central Bank of Nigeria, the dollar was worth N749.62 on Wednesday.
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