Oil marketers have said that Nigerians will experience a further reduction in the pump price of Premium Motor Spirit, popularly known as petrol from between N140 and N145 in the coming weeks as a result of the recently introduced foreign exchange policy by the Central Bank of Nigeria, The Punch reports. The Corporate Affairs Manager, Nipco Plc, an oil marketing firm, Mr. Taofeeq Lawal, said that some marketers were able to assess forex at N250 to a dollar when the policy was initially introduced by the central bank, as against the N360 rate at the parallel market. He explained that at the new rate, which was less than the N288/dollar price as projected by the Petroleum Product Pricing Regulatory Agency (PPPRA), oil marketers had more chances to reduce the PMS price and still make a good profit.
Similarly, an executive member of the Reconciliation Committee of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Dibu Aderigbigbe, stated that some filling stations on the outskirts of Abuja were selling petrol below N140 per litre. He said, “With the new policy, instead of buying a dollar at the black market rate of N350, since it has come down to between N280 and N285 – a difference of almost N75 on a dollar – it will definitely have some impact on the landing cost of the PMS and we will begin to see the effect of this within the next two to three weeks.”
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