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Oil Marketers Warn of Likely Increase to N720/Liter of Petrol

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Oil marketers in Nigeria have warned that the price of petrol would likely be increased in the coming weeks, reaching between N680 and N720 per liter. 

This is a result of the continuing weakening of the naira against the dollar, in the face of foreign exchange scarcity.

The greenback has sold for between N910 and N950 in the parallel market in the last few days.

Petroleum products dealers seeking to import petrol have had to put their orders on hold due to this challenge.

The Central Bank of Nigeria's Importers and Exporters (I & E) foreign exchange window offers a slightly lower exchange rate than the parallel market, but oil industry insiders say the market is unable to provide the required $25 million to $30 million for petrol importation, daily. 

They're now talking about the inevitability of a petrol price increase if the naira fails to appreciate in the coming weeks.

Leaders of key oil industry associations, including the Major Oil Marketers Association of Nigeria, the Independent Petroleum Marketers Association of Nigeria, and the Petroleum Products Retail Outlets Owners Association of Nigeria, have called on the federal government to intervene and address the issue.


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