The cost of Premium Motor Spirit, popularly called petrol, may hit or exceed N180/litre in most filling stations in coming weeks if nothing is done about a recent hike in its ex-depot price by private depot owners.
It was gathered that most private depot owners recently raised the cost of petrol from the approved N142-N145/litre price to between N162-N170/litre.
This, oil marketers said, had already made some filling stations owned by independent marketers to start dispensing petrol at N180/litre, above the approved and regulated pump price of N165/litre.
But the Nigerian National Petroleum Company Limited, Nigeria’s sole importer of petrol, said it was not aware of the hike in price by private depot owners.
Also, the regulator of the sector, Nigeria Midstream and Downstream Petroleum Regulatory Authority demanded independent marketers to make a formal complaint, while the oil dealers argued that they had already informed the agency.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent that although the number of filling stations in Lagos and Abuja that sold petrol above the regulated rate were few, many outlets in other states currently dispense the product at N170-N180/litre.
He said, “Petrol is being sold in private tank farms (depots) at N167 to N170/litre. In fact, a friend contacted me to say that some tank farm owners were selling at N180/litre in Port Harcourt.
“So I want to tell you that fuel will be available but it will be expensive in many more areas in the coming weeks if they (depot owners) continue like this.”
He explained that the non-supply of the products by the NNPC to the oil company’s inland depots had warranted the high cost of products at private tank farms.
“What is required is that the NNPC should supply these products to their inland depots to ensure that facilities such as Warri and Port Harcourt refineries and some depots have products so that marketers can take fuel at the approved N142-N145/litre price,” Ukadike said.
He added, “The National President of IPMAN, Debo Ahmed, has directed that all marketers should run 24 hours service and he appealed to security agencies to provide adequate security.
“So that is what we need now and I also want to let you know that the price of petrol in some filling stations is above N165/litre as approved by the government. And this is because they are not getting the product at the approved NNPC price.”
When told that the commodity was still dispensed at the approved rate of N165/litre in parts of Abuja and Lagos, the IPMAN spokesperson replied, “If you watch closely, it is mainly the major marketers and some mega filling stations.
“And this is because these major marketers, who are far less in number than independent marketers, particularly in other states outside the two areas you mentioned, source their products from the NNPC.
“But independent marketers source their products mostly from private tank farm owners and a few from the NNPC. But right now these private tank farm owners sell at about N170/litre.”
On why the private depots were selling above the regulated price, Ukadike stated that this was what the government should address.
“And when an independent marketer locks his filling station, they will say there is a product but independent marketers are refusing to buy so as to cause scarcity by hoarding products” he stated.
The oil marketer added, “If we buy PMS at N170litre, how much are we going to sell it in our filling stations? And tomorrow the authorities will come and lock up our stations and use police to arrest our pump attendants.
“Unfortunately, these things happen while the facts are there for all to see.”
It was gathered on Sunday that petrol sold for N250 per litre in some filling stations in Rivers State last week mainly because independent marketers purchased the commodity above the official depot price.
Also in Jos, Plateau State, it was learnt that the PMS price increased to between N175 and N200 per litre in some filling stations operated by independent marketers.
The cost of Premium Motor Spirit, popularly called petrol, may hit or exceed N180/litre in most filling stations in coming weeks if nothing is done about a recent hike in its ex-depot price by private depot owners.
It was gathered that most private depot owners recently raised the cost of petrol from the approved N142-N145/litre price to between N162-N170/litre.
This, oil marketers said, had already made some filling stations owned by independent marketers to start dispensing petrol at N180/litre, above the approved and regulated pump price of N165/litre.
But the Nigerian National Petroleum Company Limited, Nigeria’s sole importer of petrol, said it was not aware of the hike in price by private depot owners.
Also, the regulator of the sector, Nigeria Midstream and Downstream Petroleum Regulatory Authority demanded independent marketers to make a formal complaint, while the oil dealers argued that they had already informed the agency.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent that although the number of filling stations in Lagos and Abuja that sold petrol above the regulated rate were few, many outlets in other states currently dispense the product at N170-N180/litre.
He said, “Petrol is being sold in private tank farms (depots) at N167 to N170/litre. In fact, a friend contacted me to say that some tank farm owners were selling at N180/litre in Port Harcourt.
“So I want to tell you that fuel will be available but it will be expensive in many more areas in the coming weeks if they (depot owners) continue like this.”
He explained that the non-supply of the products by the NNPC to the oil company’s inland depots had warranted the high cost of products at private tank farms.
“What is required is that the NNPC should supply these products to their inland depots to ensure that facilities such as Warri and Port Harcourt refineries and some depots have products so that marketers can take fuel at the approved N142-N145/litre price,” Ukadike said.
He added, “The National President of IPMAN, Debo Ahmed, has directed that all marketers should run 24 hours service and he appealed to security agencies to provide adequate security.
“So that is what we need now and I also want to let you know that the price of petrol in some filling stations is above N165/litre as approved by the government. And this is because they are not getting the product at the approved NNPC price.”
When told that the commodity was still dispensed at the approved rate of N165/litre in parts of Abuja and Lagos, the IPMAN spokesperson replied, “If you watch closely, it is mainly the major marketers and some mega filling stations.
“And this is because these major marketers, who are far less in number than independent marketers, particularly in other states outside the two areas you mentioned, source their products from the NNPC.
“But independent marketers source their products mostly from private tank farm owners and a few from the NNPC. But right now these private tank farm owners sell at about N170/litre.”
On why the private depots were selling above the regulated price, Ukadike stated that this was what the government should address.
“And when an independent marketer locks his filling station, they will say there is a product but independent marketers are refusing to buy so as to cause scarcity by hoarding products” he stated.
The oil marketer added, “If we buy PMS at N170litre, how much are we going to sell it in our filling stations? And tomorrow the authorities will come and lock up our stations and use police to arrest our pump attendants.
“Unfortunately, these things happen while the facts are there for all to see.”
It was gathered on Sunday that petrol sold for N250 per litre in some filling stations in Rivers State last week mainly because independent marketers purchased the commodity above the official depot price.
Also in Jos, Plateau State, it was learnt that the PMS price increased to between N175 and N200 per litre in some filling stations operated by independent marketers.
The cost of Premium Motor Spirit, popularly called petrol, may hit or exceed N180/litre in most filling stations in coming weeks if nothing is done about a recent hike in its ex-depot price by private depot owners.
It was gathered that most private depot owners recently raised the cost of petrol from the approved N142-N145/litre price to between N162-N170/litre.
This, oil marketers said, had already made some filling stations owned by independent marketers to start dispensing petrol at N180/litre, above the approved and regulated pump price of N165/litre.
But the Nigerian National Petroleum Company Limited, Nigeria’s sole importer of petrol, said it was not aware of the hike in price by private depot owners.
Also, the regulator of the sector, Nigeria Midstream and Downstream Petroleum Regulatory Authority demanded independent marketers to make a formal complaint, while the oil dealers argued that they had already informed the agency.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent that although the number of filling stations in Lagos and Abuja that sold petrol above the regulated rate were few, many outlets in other states currently dispense the product at N170-N180/litre.
He said, “Petrol is being sold in private tank farms (depots) at N167 to N170/litre. In fact, a friend contacted me to say that some tank farm owners were selling at N180/litre in Port Harcourt.
“So I want to tell you that fuel will be available but it will be expensive in many more areas in the coming weeks if they (depot owners) continue like this.”
He explained that the non-supply of the products by the NNPC to the oil company’s inland depots had warranted the high cost of products at private tank farms.
“What is required is that the NNPC should supply these products to their inland depots to ensure that facilities such as Warri and Port Harcourt refineries and some depots have products so that marketers can take fuel at the approved N142-N145/litre price,” Ukadike said.
He added, “The National President of IPMAN, Debo Ahmed, has directed that all marketers should run 24 hours service and he appealed to security agencies to provide adequate security.
“So that is what we need now and I also want to let you know that the price of petrol in some filling stations is above N165/litre as approved by the government. And this is because they are not getting the product at the approved NNPC price.”
When told that the commodity was still dispensed at the approved rate of N165/litre in parts of Abuja and Lagos, the IPMAN spokesperson replied, “If you watch closely, it is mainly the major marketers and some mega filling stations.
“And this is because these major marketers, who are far less in number than independent marketers, particularly in other states outside the two areas you mentioned, source their products from the NNPC.
“But independent marketers source their products mostly from private tank farm owners and a few from the NNPC. But right now these private tank farm owners sell at about N170/litre.”
On why the private depots were selling above the regulated price, Ukadike stated that this was what the government should address.
“And when an independent marketer locks his filling station, they will say there is a product but independent marketers are refusing to buy so as to cause scarcity by hoarding products” he stated.
The oil marketer added, “If we buy PMS at N170litre, how much are we going to sell it in our filling stations? And tomorrow the authorities will come and lock up our stations and use police to arrest our pump attendants.
“Unfortunately, these things happen while the facts are there for all to see.”
It was gathered on Sunday that petrol sold for N250 per litre in some filling stations in Rivers State last week mainly because independent marketers purchased the commodity above the official depot price.
Also in Jos, Plateau State, it was learnt that the PMS price increased to between N175 and N200 per litre in some filling stations operated by independent marketers.
The cost of Premium Motor Spirit, popularly called petrol, may hit or exceed N180/litre in most filling stations in coming weeks if nothing is done about a recent hike in its ex-depot price by private depot owners.
It was gathered that most private depot owners recently raised the cost of petrol from the approved N142-N145/litre price to between N162-N170/litre.
This, oil marketers said, had already made some filling stations owned by independent marketers to start dispensing petrol at N180/litre, above the approved and regulated pump price of N165/litre.
But the Nigerian National Petroleum Company Limited, Nigeria’s sole importer of petrol, said it was not aware of the hike in price by private depot owners.
Also, the regulator of the sector, Nigeria Midstream and Downstream Petroleum Regulatory Authority demanded independent marketers to make a formal complaint, while the oil dealers argued that they had already informed the agency.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent that although the number of filling stations in Lagos and Abuja that sold petrol above the regulated rate were few, many outlets in other states currently dispense the product at N170-N180/litre.
He said, “Petrol is being sold in private tank farms (depots) at N167 to N170/litre. In fact, a friend contacted me to say that some tank farm owners were selling at N180/litre in Port Harcourt.
“So I want to tell you that fuel will be available but it will be expensive in many more areas in the coming weeks if they (depot owners) continue like this.”
He explained that the non-supply of the products by the NNPC to the oil company’s inland depots had warranted the high cost of products at private tank farms.
“What is required is that the NNPC should supply these products to their inland depots to ensure that facilities such as Warri and Port Harcourt refineries and some depots have products so that marketers can take fuel at the approved N142-N145/litre price,” Ukadike said.
He added, “The National President of IPMAN, Debo Ahmed, has directed that all marketers should run 24 hours service and he appealed to security agencies to provide adequate security.
“So that is what we need now and I also want to let you know that the price of petrol in some filling stations is above N165/litre as approved by the government. And this is because they are not getting the product at the approved NNPC price.”
When told that the commodity was still dispensed at the approved rate of N165/litre in parts of Abuja and Lagos, the IPMAN spokesperson replied, “If you watch closely, it is mainly the major marketers and some mega filling stations.
“And this is because these major marketers, who are far less in number than independent marketers, particularly in other states outside the two areas you mentioned, source their products from the NNPC.
“But independent marketers source their products mostly from private tank farm owners and a few from the NNPC. But right now these private tank farm owners sell at about N170/litre.”
On why the private depots were selling above the regulated price, Ukadike stated that this was what the government should address.
“And when an independent marketer locks his filling station, they will say there is a product but independent marketers are refusing to buy so as to cause scarcity by hoarding products” he stated.
The oil marketer added, “If we buy PMS at N170litre, how much are we going to sell it in our filling stations? And tomorrow the authorities will come and lock up our stations and use police to arrest our pump attendants.
“Unfortunately, these things happen while the facts are there for all to see.”
It was gathered on Sunday that petrol sold for N250 per litre in some filling stations in Rivers State last week mainly because independent marketers purchased the commodity above the official depot price.
Also in Jos, Plateau State, it was learnt that the PMS price increased to between N175 and N200 per litre in some filling stations operated by independent marketers.
