Marketers Gives Condition To Sell Petroleum At N145..
Marketers Give Conditions To Sell Petrol At N145
by Ameborguy
NAIJA NEWS
The cost of petrol in the pricing template that is currently being
reviewed will be determined by the rate of foreign exchange, oil
marketers have said.
According to them, marketers will only import Premium Motor
Spirit, popularly known as petrol, if the rate of forex is suitable
enough to encourage the importation of the commodity, despite
the ongoing review of the template by the Federal Government.
On Friday, the Federal Government announced that it had
commenced a review of the pricing template for petrol and
insisted that the commodity would sell at N145 per liter.
However, oil marketers on Saturday said the Federal Government
could retain the cost of petrol at N145/litre after reviewing the
pricing template, but outlined the conditions that will make this
feasible for importers of petrol.
The National Vice President, Independent Petroleum Marketers
Association of Nigeria, Abubakar Maigandi, Said that it was
possible to review the pricing template for PMS and retain the
cost of the commodity at N145/litre.
He said, “Yes, anything government says it wants to do on this
issue can be considered possible because the minister had already
outlined three conditions.
“The first condition has to do with regulation and the next is for
the NNPC to sell at a given rate to marketers who will now add
their margins, while the third is through forex (foreign
exchange).
“So if the government can give forex to marketers, then
automatically marketers can be able to sell at the rate of N145/
litre.
“So whether the template is reviewed or not, one major factor is
the issue of forex. Currently, the dollar is about N365 and if the
government can make it available to marketers at a rate of about
N250, then marketers will be able to sell the product at the rate
of N145/litre when they import.”
The IPMAN official also stated it is expected that Nigeria’s
refineries will start functioning properly in about 18 months based
on what the petroleum minister said recently at the National
Assembly.
Maigandi said, “We hope that in the next 18 months our refineries
will be in order, because that is what the minister said recently
and he (Kachikwu) also said we are expecting other refineries to
come on stream, like the Dangote refinery, as well as other
modular refineries.
“But the truth is that as it is now, marketers cannot import petrol
because of the cost of the commodity in the international market
and the high forex rate.
“So we are expecting the government to tell which of the listed
conditions it will adopt so that this fuel crisis will end once and
for all.”
Another oil marketer, however, wondered how the template
would be reviewed to retain the cost of petrol at N145/litre,
considering the price of the commodity in the international
market.
This is coming as the Nigerian National Petroleum Corporation on
Saturday stated that the pump price of petrol was N143/litre in
NNPC retail outlets and N145/litre in other filling stations, while
PMS ex-depot price of N133.28k per liter to marketers was still
being maintained.
Share This Post on Facebook!
by Ameborguy
The cost of petrol in the pricing template that is currently being
reviewed will be determined by the rate of foreign exchange, oil
marketers have said.
According to them, marketers will only import Premium Motor
Spirit, popularly known as petrol, if the rate of forex is suitable
enough to encourage the importation of the commodity, despite
the ongoing review of the template by the Federal Government.
On Friday, the Federal Government announced that it had
commenced a review of the pricing template for petrol and
insisted that the commodity would sell at N145 per liter.
However, oil marketers on Saturday said the Federal Government
could retain the cost of petrol at N145/litre after reviewing the
pricing template, but outlined the conditions that will make this
feasible for importers of petrol.
The National Vice President, Independent Petroleum Marketers
Association of Nigeria, Abubakar Maigandi, Said that it was
possible to review the pricing template for PMS and retain the
cost of the commodity at N145/litre.
He said, “Yes, anything government says it wants to do on this
issue can be considered possible because the minister had already
outlined three conditions.
“The first condition has to do with regulation and the next is for
the NNPC to sell at a given rate to marketers who will now add
their margins, while the third is through forex (foreign
exchange).
“So if the government can give forex to marketers, then
automatically marketers can be able to sell at the rate of N145/
litre.
“So whether the template is reviewed or not, one major factor is
the issue of forex. Currently, the dollar is about N365 and if the
government can make it available to marketers at a rate of about
N250, then marketers will be able to sell the product at the rate
of N145/litre when they import.”
The IPMAN official also stated it is expected that Nigeria’s
refineries will start functioning properly in about 18 months based
on what the petroleum minister said recently at the National
Assembly.
Maigandi said, “We hope that in the next 18 months our refineries
will be in order, because that is what the minister said recently
and he (Kachikwu) also said we are expecting other refineries to
come on stream, like the Dangote refinery, as well as other
modular refineries.
“But the truth is that as it is now, marketers cannot import petrol
because of the cost of the commodity in the international market
and the high forex rate.
“So we are expecting the government to tell which of the listed
conditions it will adopt so that this fuel crisis will end once and
for all.”
Another oil marketer, however, wondered how the template
would be reviewed to retain the cost of petrol at N145/litre,
considering the price of the commodity in the international
market.
This is coming as the Nigerian National Petroleum Corporation on
Saturday stated that the pump price of petrol was N143/litre in
NNPC retail outlets and N145/litre in other filling stations, while
PMS ex-depot price of N133.28k per liter to marketers was still
being maintained.
Share This Post on Facebook!
Comments
Post a Comment