HOW DEVALUATION INCREASED THE COST OF A LITRE OF FUEL BY 100 NAIRA- OIL MARKETERS ASSOCIATION

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.