Forex scarcity hits gas suppliers, price hike imminent

There are indications that gas prices will further rise and Nigerians may pay more as marketers have hinted that the high exchange rate of dollar to naira is having a negative impact on importation.

National Operations Controller, the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, in a chat with The PUNCH on Sunday, said independent marketers sourced dollars for importation from the black market, hence, gas price would continue to increase until naira strengthened at the exchange market.

“Our members, who still sell gas, bought 20, 000 metric tonnes at around N11 million last month, but now, the price has jumped to N12.3 million per 20, 000 metric tones,” he said.

He noted that gas consumers stood the risk of further price hike as long as dollar continued to strengthen


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