The naira strengthened marginally against the dollar in the parallel foreign exchange market on Tuesday, Christmas Eve.

A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, told Newsmen that the naira appreciated by N3, trading at N1,637 per dollar on Monday, compared to N1,640 previously.

Meanwhile, the naira weakened slightly in the official market, closing at N1,540.45 per dollar on Tuesday, down from N1,539.55 the day before. This development comes as Nigerians prepare for the 2024 Christmas celebrations on Wednesday, December 25.

It is worth noting that Nigeria based its proposed N49.7 trillion 2024 budget on an exchange rate of N1,500 per dollar.

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The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged Nigerians to expect a reduction in the pump price of the product within the week.

It should be recalled that last week, the Nigerian National Petroleum Company Limited, NNPCL, and the Dangote Refinery reduced the ex-depot price of petrol to N899 per litre in Lagos.

PETROAN President, Billy Gilly-Harry, spoke on when the price change will take effect while appearing on Monday’s edition of Channels Television’s breakfast show, Sunrise Daily.

“But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market.

“But also I’ll give kudos to some of our members, some of the leaders in PETROAN, you know, that have done so well, especially in Abuja, for even reducing their prices to below N1,000 before even this announcement.

“So, we don’t encourage our members to try to sell products at a loss because our focus is to serve Nigerians. And the only way we can serve Nigerians is when we have the resources to be able to do that.

“The resources can only be there if we’re making marginal profit enough to pay for the cost of money and make sure that we continue to do business. So, never mind, you’ll see the translation of this reduction of prices in the retail outlets hopefully within the week,” he said.

According to him, the inability of members to sell in line with the new ex-depot price is due to some of them having old stocks that were bought at higher prices.

The PETROAN boss commended Dangote Refinery and NNPCL for the reduction in the price of the commodity.

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will reduce to N935 per litre by Monday.

The development, according to IPMAN, follows the marketers’ new deal with Dangote Refinery.

IPMAN National President, Alhaji Maigandi Garima, who made this known on Sunday in Abuja, commended the Dangote refinery for the development.

According to him, the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.

Gatekeeper recalls that Dangote Refinery recently announced a reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.

In a bid to ensure that the price reduction gets to the consumers, Dangote Refinery signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.

The price reduction which is designed to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be applicable nationwide from Monday.

“Dangote Refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.

“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.

“We have been loading from the Dangote Refinery and the refinery is saving us in this festive period,’’ the IPMAN leader said.

Garima said the competition being witnessed in the downstream sector at the moment would see the price of fuel dropping continuously.

He recalled that during the 2023 Yuletide, a litre of fuel was sold at N2000 in the northern and eastern parts of the country because fuel was being imported at that period.

He noted that the highest price fuel is being sold in the areas currently is N1,100, because refineries are working in the country.

He equally commended the Naira for the crude swap deal, adding that it is good for the growth of the economy.