Dysfunctional refineries and looming fuel price hike

Oil marketers had earlier in the week created panic among Nigerians, with their warning of an impending hike in the price of Premium Motor Spirit, PMS, also known as petrol. The marketers based their argument on the declining fortunes of the naira against the dollar and other international currencies, as well as the dwindling economy. The naira had dropped to about N320 to the dollar at the Central Bank of Nigeria’s, CBN, official interbank market, and about N395 to a dollar at the parallel market...READ MORE»