• Oil & Gas - News
  • Updated: March 09, 2020

Oil Marketers Want Dollar At N306

Oil Marketers Want Dollar At N306


Oil marketers operating under the Major Oil Marketers Association of Nigeria have said to resume importation of Premium Motor Spirit (petrol), the dollar should be exchanged at N306.

The marketers also appealed to the federal government through the Petroleum Products Pricing Regulatory Agency, to increase the margins on petrol to encourage investments.

Judging by the current petrol pricing template of the PPPRA, margins for retailers and dealers are N6 and N2.36 per liter while transporters’ allowance is N3.36 per liter.

Meanwhile, at a press briefing in Lagos on Friday, The Chairman, MOMAN, Mr. Adetunji Oyetunji, pointed out the stand of the marketers.

He said, “We call on the government to seize the opportunity of these lower oil prices to either give us an immediate margin increase or remove subsidy because today, the landing cost of petrol is much lower than the approved pump price.

“So, it gives a unique opportunity to be able to get out of this subsidy business. It happened like that in 2016 when the oil price dropped significantly but we didn’t seize that opportunity.”

Commenting on the initiative, The Executive Secretary/Chief Executive Officer of MOMAN, Mr. Clement Isong, said;  “We don’t have forex at N306/$1. Forex at N360/$1, which is what we have access to, puts the product into a tank at N142. If you then add the distribution, cost the pump price will be N164.”

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