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Oil Marketers propose increase in fuel pump price

Written by on August 14, 2023

Oil marketers have indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680 per liter and N720 per liter in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.

They also hinted that dealers seeking to import PMS are being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.

The warning came barely one week after the local currency crossed  N900 per dollar, with the naira selling at over 945 naira at the parallel market on Friday.

Oil dealers said the CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about $740 per liter, had remained illiquid and unable to provide the $25million to $30million required for the importation of PMS by dealers.

To more fiscal matters, the Central Bank of Nigeria has said that it issued N40.67bn loans to members of its staff as of December 2022.

This was according to the apex bank’s audited financial statement for 2022.

According to reports there was an increase of 133.07 per cent from N17.43bn in 2021 to N40.67bn in 2022.

CBN did not provide details on the number of staff members who were beneficiaries of the loan.

According to the report, the staff allowances included furniture, housing, leave, transport, productivity allowances and ‘others paid to staff during the period’.

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