Oil marketers, on Thursday, insisted on a possible hike in the pump price of Premium Motor Spirit, popularly called petrol, following a further plunge in the value of the naira against the United States dollar.
The local currency weakened against the greenback at the black market from 900/dollar on Wednesday to 920/dollar on Thursday, raising further concerns about whether the pump price of petrol could be sold at the current price.
The naira which had hit 945/dollar at the parallel market about two weeks ago, rebounded last week.
However, the local currency began a move southward this week, a situation that has unsettled economic managers and stakeholders in the oil and gas sector.
Oil dealers and marketers told The PUNCH on Thursday that with the exchange rate at N920/$, the pump price of petrol could not remain at N617/litre, particularly if the current exchange rate lingered.
