WARNING: FUEL HIKE LOOMS!
Nigerians be warned. Another fuel hike is looming. And the reason is the sky rocketing price of Dollar.
Currently, a liter of fuel sells for N145. However, an insider told YES INTERNATIONAL! Magazine that it should actually be more that that based on what is currently on ground.
Otherwise known as Premium Motor Spirit (PMS), under the last administration it sold for N96, but upon taking over, President Muhammadu Buhari upped the price to N145, on May 11, 2016. And also went further to liberalize the downstream oil sector.
But now, with the scarcity of Dollar, the price equation is likely going to be altered. And anytime soon! According to what we were told.
The depot price of PMS is said to be N133.28 per litre, which usually leaves the marketers with about N5 differential, after other expenses like trucking, loading and so on had been factored in. But with what is currently on ground – a Dollar selling for as high as N400 – the die looks cast for an increase. And except the Federal Government of Nigeria wades in and finds a solution to the Dollar quagmire.