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Oil workers warn of petrol price hike over dollar scarcity

09 August 2016, 18:33

Abuja - Oil marketers have said that increase in the pump prices of petrol is imminent due to the continued scarcity of foreign exchange to finance the importation of the product, Punch reports.

The marketers say if not urgently addressed, the pump prices of petrol will not remain at the approved rates.

According to them, the United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market.

Oil marketers on Monday said that despite the competition in the business, they were struggling to retain the price of the Premium Motor Spirit within the approved range.

The Federal Government on May 11, 2016 announced an increase in the pump prices of petrol from N86 and N86.5 per litre to between N135 and N145 per litre.

A member of the Major Oil Marketers Association of Nigeria stated that the ex-depot price of the PMS had remained at N133.28 per litre because the marketers were doing their best to manage the situation.

The marketer, who also pleaded to remain anonymous, said the PMS dealers hardly got forex at the rate that the government initially promised them.

A senior official of the Independent Petroleum Marketers Association of Nigeria, Dibu Aderigbigbe, had earlier said that the forex crisis might lead to a further hike in petrol price if it persisted.

This is happening a day after the National Union of Petroleum and Natural Gas (NUPENG) Workers, said it will embark on the industrial action in the coming days if the federal government fails to repair the Calabar-Itu Road and the Ikom-Ogoja road as the sufferings encountered by its workers on these roads is becoming unbearable according to News24.

According to the National Treasurer, Petroleum Tanker Drivers many of its members who loaded petroleum products in the past weeks have not had accessed routes for distribution of the products outside Calabar.

- News 24


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