Monday, June 26, 2023


According to Mike Osatuyi, the national operations controller of IPMAN, the oil marketers have not yet started importing petrol due to the withdrawal of subsidies. He explained that the cost of importing petrol has tripled as a result, requiring more funds for the business than before. Additionally, the exchange rate of the Nigerian naira has increased from over N400 to over N700 per dollar, further increasing the need for funds. Osatuyi emphasized that it is challenging for a single company to generate such a significant amount of money, so they are currently in discussions with banks.

Securing the necessary funds for importation will take some time due to these ongoing discussions. Initially, the price of petrol may be high, but as more oil marketers begin to import the product, the price is expected to decrease.

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