While the landing cost of petrol has tumbled on the back of the sharp drop in crude oil prices, major fuel marketers are not keen to resume the importation of the product as access to dollar is seen as a major hurdle.
The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuations, among other issues.
The Federal Government had on March 18, 2020 directed the NNPC to reduce the pump price of petrol to N125 per litre, noting that the expected open market price of imported petrol had fallen below N145 per litre.
The Petroleum Products Pricing Regulatory Agency said it would continue to monitor trends in market fundamentals and announce a monthly guiding/expected open market price at the beginning of every month, effective April 1, 2020.
After a meeting on March 19, industry stakeholders resolved to await the decision of the PPPRA board meeting slated for March 20 on the new petrol template for price modulation.
They declared support for the opportunity given to private sector players to resume importation of the PMS, according to a statement signed by the Major Oil Marketers Association of Nigeria, the Depots and Petroleum Products Marketers Association of Nigeria, the PPPRA and the NNPC.