Oil marketers, has indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between 680/litre naira and 720/litre naira in the coming weeks should the dollar continue to trade from 910 naira to 950 naira at the parallel market.

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

The warning came barely one week after the local currency crossed the 900 naira to the dollar ceiling, with the naira selling at over 945/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 dollar/litre, had remained illiquid and unable to provide the 25 million dollar to 30 million dollar required for the importation of PMS by dealers.