Many petroleum products depots are currently deserted due to lack of products caused by foreign exchange rate volatility, as the landing cost of Premium Motor Spirit, popularly called petrol, has increased to N720/litre, oil marketers said on Thursday.
Petroleum products’ dealers also stated that filling stations were shutting down daily in large numbers, as it was becoming increasingly tough to run the business. They said this could lead to widespread fuel scarcity in coming months.
It was further gathered that the landing cost of PMS into Nigeria had increased to N720/litre, up from N651/litre in August this year.
Peoplesmind