• Latest

    Landing Cost of Petrol now more than N145 per litre

    Deport owners and independent  petroleum marketers have now revealed that the landing cost at which they import petrol is now N145 and above which is now causing inability to import petrol with the foreign exchange provided the International Oil Companies (IOC) at N305 per dollar.

    Reasons why depots no longer sell petrol at government prices were also given.

    It was also stated that the high cost of forex is also part of the challenges being faced by the business.

    In case we have forgotten, petrol has once been sold at the rate of N65. During that period, if anyone had made a statement that petrol would still be sold at the rate of N150, people would not have believed it. But looking at the trend, looking at the way dollar to naira exchange rate is rising, it is possible we still have higher prices in the future.

    Dollar prices affects lots of business in Nigeria a lot. If most problems in Nigeria are to be solved gradually, I suggest out government work on making "naira" gain its stand in the world market and against dollar.

    But the question remains, will the prices of goods come down if dollar reduces? Some may come down, but believe me, things like sachet water, bread and the likes won't come down because that is how it has always been.

    May God help Nigeria.

    No comments