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3 weeks ago
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- Oil marketers are looking into importing much petroleum products pursuing Dangote Refinery’s suspension of naira sales
- The rising outgo of landing the petroleum products has led to suggestions that the pump prices could deed N1,000 per litre
- Marketers person warned against authorities intervention, stressing that deregulation is indispensable for marketplace stability
Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
The pump terms of Premium Motor Spirit (PMS), commonly known arsenic petrol, whitethorn emergence successful the coming days arsenic the landing outgo of imported substance has accrued by N88.
The summation successful imported petrol comes arsenic Dangote Refinery suspended income of petroleum products successful naira, citing the national government’s reluctance to proceed the naira-for-crude deal.
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The argumentation displacement by Dangote refinery has disrupted petrol supply, forcing marketers to crook to imports.
A gathering scheduled for Monday betwixt the Technical Sub-Committee connected the Naira-for-Crude Policy, Dangote Refinery, and authorities officials was postponed, a root acquainted with the committee's workings told Reuters.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has yet to contiguous options connected the naira-for-crude deal, delaying further negotiations.
Petrol landing outgo increase
New information from the Major Energies Marketers Association of Nigeria (MEMAN) connected Wednesday, March 27, indicated that the landing outgo of imported petrol roseate to N885 per litre
This is an summation of N88 successful 1 week, erstwhile compared to N797 previously.
The terms summation has sparked speculation that imported petrol could soon retail astatine N1,000 per litre, arsenic further charges and margins are factored in.
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Currently, Dangote Refinery’s ex-depot price stands astatine N815 per litre, N70 little than the caller landing outgo of imported fuel.
MEMAN said successful a statement:
“The modulation from terms power to deregulation has met resistance, but terms adjustments are inevitable successful a escaped market.”Following Dangote’s decision to halt naira sales, immoderate substance retailers began stockpiling petrol, anticipating terms hikes.
Depot owners besides raised prices, with backstage depots successful Lagos expanding loading costs to astir N900 per litre from nether N850 earlier the announcement.
Nigeria’s substance import volumes increased.
Punch reports that 7 vessels carrying 154.22 cardinal litres of petrol arrived astatine the country’s ports betwixt March 17 and 23, according to a papers from the Nigerian Ports Authority.
The shipments were offloaded astatine Tincan Port, Lekki Deep Seaport, and Calabar Port.
The papers besides revealed that Dangote Refinery imported 654,766 metric tonnes of crude lipid successful the aforesaid period.
Marketers endanger to merchantability successful dollars
Earlier, Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to statesman the merchantability of petrol successful dollars if the Dangote Refinery starts selling its products successful overseas currency.
According to IPMAN, the determination was successful effect to worries that denominating transactions successful dollars could unit the naira, causing ostentation and affecting energy security.
The improvement has led vigor argumentation experts to inquire Nigerians to brace up for higher petroleum merchandise prices.
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Source: Legit.ng
