Fidelity bank banner Bayelsa State banner
Petroleum importers record improved access to forex

By Foster Obi, Lagos on 14/11/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 673


There are indications that petroleum marketers in the country may be experiencing improved access to foreign exchange for petroleum importation, according to the latest release of the Premium Motor Spirit (PMS) price watch report by the National Bureau of Statistics (NBS).

The report, which shows the average monthly price for PMS paid by households across the country, indicates that the price averaged N144.5 per litre in the 36 states of the federation and the Federal Capital Territory, which was marginally below the fixed upper price limit for the retail pump price of N145 per litre set by the regulators.

The average price of petrol in September represented a -1.2 per cent year-on-year decrease, but increased by 0.1 per cent month-on-month. From the report, Yobe State recorded the highest price for PMS at N149.7 per litre, while Abuja recorded the lowest at N142.0 per litre.  

A survey carried out recently by the Nigerian National Petroleum Corporation (NNPC) revealed that for most stations, fuel prices reduced in line with the prevailing market situation in order to sustain the turnover of the business and to attract more motorists.

Also from investigations, the Central Bank of Nigeria’s (CBN) increased foreign exchange interventions have led to improved liquidity. For petroleum marketers, the CBN recently approved access to its foreign exchange official windows, thereby allowing for a better blend as opposed to depending solely on the parallel market.

On its part, the NNPC said it has begun resuscitating some of its critical pipelines across the country. This, analysts believe, should assist in enhancing efficiency in distribution as well as push down prices of petroleum products.

Before now, marketers had bitterly complained of scarcity of foreign exchange to finance PMS importation and the high exchange rate, which they said has been driving them out of business.

Also at the public hearing on the review of price template of premium motor spirit earlier in the year, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had argued that when the price of petrol was reviewed from N97 to N145 per litre in May 2016, the exchange rate was based on N285 to a US dollar, while the exchange rate has been fluctuating between N305 and N490 to a dollar since June 2016 till date.

It also noted that the cost of product with freight charge and other cost elements in the Petroleum Product Pricing Regulatory Agency (PPPRA) template make the landing cost to be N145.09 per litre at the official rate of N305 per dollar or N222.23 per litre, using the parallel market rate of N490 to a dollar.

The marketers proposed N165 per litre to cover the cost of foreign exchange required for products importation, as the free fall of the Naira against the dollar is seriously impacting on the pump price.

However, the PPPRA keeps assuring the public that existing price band of N135-145 per litre was still okay and, therefore, no basis for increase in the pump price of premium motor spirit.

The NNPC equally assured there is no immediate plan to increase the pump price of petrol.

Source News Express

Posted 14/11/2017 05:00:36 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Ondo SDP leader joins PDP

Lagos set to construct Fly-Over at Pen Cinema...

We have put creative industry in the front...

‘Juju’ scare shuts down LASU Admin, Senate buildings...

Boko Haram dislodged from forest hideout, suffers heavy...

FG terminates Dangote’s network management contract

Boko Haram releases new video showing some kidnapped...

Senate rejects Buhari’s request for $29.6bn external borrowing...

Release El-Zakzaky or detain us all, protesting Shiites...

Crude oil price rises to $74, highest in...

Michael Okpara University of Agric admits 4,000, assures...

Gov Orji tampers with INEC ad-hoc staff list...

 

Latest News BREAKING NEWS: CBN revokes Skye Bank’s licence 2019: Igbo youths issue final warning to PDP over VP slot 9 accused of mafia connections refuse to speak in court Ambode gives deadline to fix Lagos roads Group demands investigation of ARM Pension Managers for withholding retirees’ pensions Osun Guber: Why 435,000 registered voters won’t vote — INEC I have not stepped down for Omisore — Adeleke Shock, disbelief, trail Gen. Bamigboye’s death Over 150 competitors, 20,000 people to attend skills festival in Abuja Cholera kills 61 in Yobe 1.1 million Nigerians currently on treatment for HIV — NACA DG 30 houses, shops razed in Niger tanker explosion

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (395,229 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,121 views) Shameless Genevieve Nnaji exposes breasts in public (307,736 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,171 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,712 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,349 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,604 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,237 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,300 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,154 views) Lagos plane crash: Journalist releases victims’ names (157,865 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,669 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,615) Business Verdict (52) Columnists (932) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,417) Interview (164) Live Commentary (28) Love Matters (144) News (39,028) Opinion (1,109) Pidgin (11) Politics (6,672) Religion (869) Sports (1,697) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement