An increase in the price of petrol across Nigeria is expected in a few days as marketers brace up to begin the purchase of petrol in dollars from Dangote Refinery.
Abubakar Shettima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), informed BusinessDay of the imminent increase in price, stating that the development is not expected to impact supply.
He explained that the current exchange rate will affect the price at which the product will be sold going forward.
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He said, “Definitely, if he is selling in dollars, there will be a price increase, there will not be scarcity, but it will definitely affect the price. Because if you are buying in dollars, you calculate the interest rate and all that, because we sell in Naira.
“And getting the dollar is another problem, because it looks a little bit scarce. So, it’s very difficult for us to source dollars with the high exchange rate.
“We at IPMAN wanted to sit on the issue, we got the information, he sent a mail to us. But by Monday, I will call my NEC members so that we sit down and discuss and see the implication. It will not affect the supply since we have refinery in the country, the supply will be normal.”
