Fuel marketers in the country have called for the removal of the cap on the pump price of fuel.
They said yesterday that the N145 per litre ceiling was unsustainable in view of the falling value of the naira against the U.S dollar.
The marketers expressed support over the decision reached at a gathering of former Group Managing Directors of the Nigerian National Petroleum Corporation (NNPC) on the removal of the price cap on petrol in the country in Abuja on Saturday.
NNPC’s present and past GMDs, as well as the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at the end of their one-day meeting noted that the N145 per litre fuel price did not reflect the price-determining components of the commodity and the fluctuations of the foreign exchange rate.
Sources close to the major oil marketers association told our correspondents yesterday that they were yet to start importing fuel since the fuel price had been pegged at N145/litre.
They said current exchange rate of the naira to the dollar made it difficult for importers to import fuel and sell at N145 per litre.
The sources added that the marketers were, however, not suggesting that the pump price should go up.
According to a source, “The skyrocketing exchange rate in the country makes it impossible for marketers to import and sell fuel at the price cap of N145 per litre.”
Executive Secretary of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA), Mr.Femi Adewole, told our correspondent that his members had to source the product from the NNPC because they could not access forex to import it.
He wondered why the price of fuel in the country had not been re-modulated since last May when it was fixed for N145 per litre against the N280 exchange rate to a dollar then.
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