The pump price of petrol may go higher than the projected N340/litre in February 2022 when the Federal Government removes its subsidy on the commodity, oil marketers said on Tuesday. Also, it was gathered that both independent and major oil marketers were perfecting plans to resume PMS imports once the government halts the subsidy regime.
They, however, expressed worry over the fluctuation in foreign exchange rates and how this would impact on petrol price next year.
Marketers say that the cost of petrol would be higher than the projected N320 – N340/litres if there was no improvement in the foreign exchange rate.
Dealers under the aegis of Independent Petroleum Marketers Association of Nigeria and Petroleum Products Retail Outlets owners Association of Nigeria stated that though they were set to import petrol, the cost of the commodity would be high in February.
IPMAN and PETROAN members own bulk of the filling stations across the country and currently make purchases from depots before selling to final consumers at their various retail outlets.
“Yes, if there is no subsidy, some marketers can import, but the only thing is that it will be costly. The price will be higher than the projected cost because of the exchange rate,” the National Vice President, IPMAN, Abubakar Maigandi, stated.
He added, “The challenge of accessing forex will definitely affect imports because over 90 per cent of petrol that will be consumed across the country will depend on importation. Also this is because the refineries are not functioning.”
The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, also stated that the foreign exchange rate would determine the cost of petrol from next year after subsidy removal.