Forex Crisis Blamed for High Petrol Prices by Oil Refiners and Downstream Sector Operators
Operators blame the current forex crisis for high petrol prices in Nigeria, citing dollar charges on locally refined Premium Motor Spirit as a major factor. The price increase is attributed to the cost of importing crude oil due to exchange rate fluctuations.
Operators in the Nigerian petroleum industry have attributed the recent surge in fuel prices to the forex crisis, citing high dollar charges for locally refined Premium Motor Spirit as a major contributor to the increase. Crude oil refiners and other downstream sector players blame the fluctuations in exchange rates, which have made it more expensive to import petrol into the country. The cost of importing petrol has skyrocketed due to the weak naira, further exacerbating the fuel price hike. As a result, fuel prices have increased, affecting consumers across the country.
