Business Nigeria: Petrol Landing Cost Exceeds N145/Litre


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LequteMan

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The pump price of petrol in Nigeria is about to go up as the landing cost has exceeded N145 per litre, the top peg of the product put in place by the NNPC.

Oil marketers are struggling with the situation and at the moment, 90% of the fuel at depots are imported by the NNPC.

“If you collect foreign exchange from an IOC and import petrol for instance, you are going to land it at N145 per litre," a concerned oil marketer said according to ThisDay.

"If you land it at N145 per litre, you cannot even sell it because our official ex-depot price is N133.28. So if you land product at N145 and if you have to sell at the ex-depot price, which the DPR is obligated to enforce, you can see that nobody wants to touch the forex provided by the IOCs,” he said.

He argued that with the high cost of forex, the N145 pump price is no longer sustainable.

“It is no longer sustainable- it is no longer feasible because we land it at even more than N145 per litre. If you are unlucky and you accumulate demurrage, you might land it at N148. That is why no marketer is importing now. We are dependent on product imported by the NNPC, which I said is not sustainable,” he added.
 

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