Monday, August 14, 2023


On Sunday, oil marketers suggested that the price of Premium Motor Spirit, commonly known as petrol, could increase to somewhere between N680/litre and N720/litre in the upcoming weeks if the dollar's exchange rate continues to fluctuate between N910 and N950 in the parallel market. They also indicated that importers looking to bring in PMS were being compelled to delay their plans due to the shortage of foreign exchange for importing the product.

Oil dealers noted that the official foreign exchange window for importers and exporters provided by the CBN, which offers a lower exchange rate of approximately $740/litre, remained illiquid and incapable of supplying the $25 million to $30 million needed by dealers for PMS importation.

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