Oil marketers have signaled that the cost of petrol, known as Premium Motor Spirit, could increase to a range of N680 to N720 per liter in the coming weeks if the dollar continues trading at N910 to N950 in the parallel market.
They revealed that the scarcity of foreign exchange is causing delays in importing petrol.
This warning follows the recent crossing of the N900 per dollar threshold, with the naira reaching over 945 per dollar on the parallel market.
Oil dealers explained that the official forex window provided by the CBN remains illiquid, hindering the required $25 million to $30 million for petrol importation. Industry leaders have urged the Federal Government to intervene in this crisis.
The fluctuations in forex are now driving petrol prices, making it likely for an increase soon.
