Oil marketers have said that petrol price may increase to between 680 naira per litre and 720 naira per litre in the coming weeks should the dollar continue to trade from 910 to 950 naira at the parallel market.

They also hinted that dealers seeking to import fuel were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.

The warning is coming just one week after the local currency crossed the 900 per dollar ceiling, with the naira selling at over 945 per dollar at the parallel market on Friday.

Oil dealers said the CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about 740 dollars per litre, had remained illiquid and unable to provide the 25 million to 30 million dollars required for the importation of petrol by dealers.

National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, explained that the price of petrol is now driven by the fluctuations in forex.