Accelerating inflation and the foreign exchange shortage in the country have been having adverse impacts on the businesses of oil marketers, OPEOLUWANI AKINTAYO writesThe country’s high inflation trend and scarcity of foreign exchange are beginning to take a serious toll on the businesses of oil marketers. “The forex has been badly managed and this has impacted on the landing cost of PMS, and by extension the pump price. According to Akinrinade, the downstream business has been unstable as a result of the high cost of products. Bank lending rate is also very high, contributing to the high cost,” he said. According to Kyari, high production costs would impede the adoption of clean energy in Nigeria.

Source: Punch December 08, 2023 19:40 UTC