THE Oil marketers in Nigeria have given the federal government the conditions that will allow the sale of Premium Motor Spirit, popularly known as petrol, to remain at N145 per litre.
According to the oil marketers, the cost of petrol in the pricing template that is currently being reviewed will be determined by the rate of foreign exchange.
The marketers added that petrol will only be imported 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.
The Nigerian government had on Friday announced that it had commenced a review of the pricing template for petrol and insisted that the commodity would sell at N145 per litre.
But on Saturday, the oil marketers 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.
Speaking with The Punch, the National Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed that it was possible to review the pricing template for PMS and retain the cost of the commodity at N145/litre.