The cost of petrol in the pricing template that is currently being reviewed will be determined by the rate of foreign exchange, oil marketers have said.

According to them, marketers will only import Premium Motor Spirit, popularly known as petrol, if the rate of forex is suitable enough to encourage the importation of the commodity, despite the ongoing review of template by the Federal Government.

On Friday, the Federal Government announced that it had commenced a review of the pricing template for petrol and insisted that the commodity would sell at N145 per litre.

However, oil marketers on Saturday, said the Federal Government could retain the cost of petrol at N145/litre after reviewing the pricing template, but outlined the conditions that will make this feasible for importers of petrol.

ALSO READ: No Plan To Increase Fuel Price – Kachikwu

The National Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi said that it was possible to review the pricing template for PMS and retain the cost of the commodity at N145/litre.

He said, “Yes, anything government says it wants to do on this issue can be considered possible because the minister had already outlined three conditions.

“The first condition has to do with regulation and the next is for the NNPC to sell at a given rate to marketers who will now add their margins, while the third is through forex (foreign exchange).

“So if the government can give forex to marketers, then automatically marketers can be able to sell at the rate of N145/litre."

FOR MORE FRESH STORIES, DOWNLOAD BOUNCE NEWS APP HERE

ALSO WATCH: Lagos Conductor Fights His Passenger