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Fuel Scarcity: Selling Petrol At N145, It’s No Longer Profitable To Import – Oil Marketers

Fresh indications have emerged that the fuel scarcity crisis in the country may linger longer than Nigerians pray for.

This is as private marketers have vowed to no longer import and sell Petrol at the pump price of N145 set by government unless they are given concessionary access to foreign exchange by the Central Bank of Nigeria.

The marketers argued that it is no longer profitable for them to continue importing petrol and selling it at the government determined price due to the high cost of forex and hike in the price of oil in the international market.

“The problem is that the importation (of petrol ) is being handled almost 100 per cent by the Nigerian National Petroleum Corporation as private importers have backed out because the increase in crude price has made the landing cost enter subsidy.

“When the crude price hit $59 per barrel, we could not sell petrol again at N 145 per litre if we were importing on our own. It is only the government (NNPC ) that is importing and can warehouse the subsidy,” a National Operations Controller, Independent Petroleum Marketers Association of Nigeria , Mr. Mike Osatuyi, told The Punch.

Meanwhile, long queues have persisted across the country as President Muhammadu Buhari has reportedly refused to consent to an increase in the pump price of petrol, saying an increase in pump price will have a negative spiral effect on socio-economic life of Nigerians.

The post Fuel Scarcity: Selling Petrol At N145, It’s No Longer Profitable To Import – Oil Marketers appeared first on News360 Info.



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