Africa Business News

Oil marketers, indicated that the cost of petrol would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market. They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity. Oil dealers say the CBN Importers and Exporters' official window for foreign exchange, which boasts of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers. They said this had led to the suspension of petrol importation by dealers who were initially eager to import the commodity.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement