Tag dollar scarcity petrol marketers say price hike looms

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Tag: Dollar Scarcity Petrol Marketers Say Price Hike Looms

Headline: Petrol Marketers Warn of Price Hike as Dollar Scarcity Bites

Lagos, Nigeria - The scarcity of the US dollar in the country has sparked concerns among petrol marketers, who are warning of a looming price hike for petroleum products.

According to sources within the industry, the scarcity of the dollar has made it difficult for marketers to import petroleum products, leading to a shortage of fuel in the market.

"We are facing a serious challenge in importing petroleum products due to the scarcity of the dollar," said a senior official of the Major Oil Marketers Association of Nigeria (MOMAN). "The situation is getting worse by the day, and if nothing is done to address it, we may be forced to increase the price of fuel."

The official, who spoke on condition of anonymity, said that the scarcity of the dollar has led to a significant increase in the cost of importing petroleum products, which is being passed on to consumers.

"The cost of importing a barrel of crude oil has increased significantly due to the scarcity of the dollar," the official said. "We are facing a situation where we have to pay more for the same quantity of crude oil, and this is affecting our ability to sell fuel at a reasonable price."

The Nigerian National Petroleum Corporation (NNPC) has also confirmed the scarcity of the dollar, saying that it is working to address the issue.

"We are aware of the scarcity of the dollar and we are working to address it," said a spokesperson for the NNPC. "We are doing everything possible to ensure that petroleum products are available in the market at a reasonable price."

The scarcity of the dollar has also led to a shortage of other essential commodities, including food and medicine.

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