The Major Marketers Association of Nigeria (MOMAN), Wednesday said the devaluation of the naira to dollar accounts for the recent increase in the pump prince of Premium Motor Spirit (PMS) also known as Petrol.
MOMAN in a statement issued on Wednesday said presently the liquid exchange rate is close to N825 to the Dollar, adding that the deferential as a result of the devaluation added N100 to the cost of importing a single litre of PMS into the country.
“At MOMAN, we have always anticipated that the removal of subsidies and the stabilization of the downstream market would be a gradual process. This process necessitates operators and regulators to engage the public transparently, earn public trust, and foster fair competition that ensures full value for customers at the fuel pumps.
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