Oil marketers in the country are groaning and complaining about the dollar scarcity in the forex market which they say is impacting their operations negatively.
According to them, the pump price of petrol should be increased to about N151.78 per litre to accommodate the expensive dollar they use to import the commodity.
“Since the ex-depot price is around N133.5 per litre and the selling price is N145 litre, when you remove the ex-depot cost from the selling price, you’ll get about N12. Now, from this N12, consider the distribution margin and other costs from the depot; if all these costs are less than N12, then the marketers are making profits and there will be no complaint,” an oil marketer said after a powerful meeting with NNPC, PPPRA and other associations in the oil sector on Tuesday.
When the various costs highlighted by the oil dealer were added together, the result was a margin of N18.71. By adding this to the N133.5 ex-depot price, the final figure is N151.87.
A senior official of the Petroleum ministry after the meeting said FG might either subsidise the product again or consider some form of concession to the marketers with respect to the cost of the dollar.