Oil marketers have indicated the possibility of an increase in the pump price of petrol due to a decline in the value of the Nigerian naira against the US dollar. The naira weakened against the dollar in the black market, raising concerns about the current petrol price. The marketers projected a cost of around N680/litre to N700/litre for petrol, based on the exchange rate of N920/$. They suggested that the government might be subsidizing the fuel secretly, given the prevailing exchange rate.
The oil dealers’ statements suggest that the government might be spending about N90 per litre as subsidy due to the weakened local currency. The Federal Government had previously announced that there would be no increase in the pump price of petrol, but marketers believe the government might be indirectly subsidizing the fuel to maintain stability.
The article also discusses the reactions of various parties, including the Nigeria Labour Congress (NLC) warning of returning to the “status quo” if fuel prices rise, and the Trade Union Congress (TUC) demanding an investigation into the Nigerian National Petroleum Company Limited. Additionally, Edo State Governor Godwin Obaseki’s comments about the removal of fuel subsidy and foreign exchange reforms are addressed, with the Federal Government responding by defending its policies.
The article also includes discussions about the state of the Nigerian naira, recent trading rates, and the Central Bank of Nigeria’s efforts to stabilize the currency. The need for refinery revitalization is emphasized, with oil marketers urging the President to inspect and boost the performance of Nigeria’s refineries.
Overall, the oil marketers’ concerns about a possible increase in petrol prices due to currency fluctuations and the reactions from various stakeholders are the main points of the article.