June 9, 2023

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UPDATE: Fuel Price Remains N165/ltr, Marketers to Comply, says Govt.


CEM REPORT | The Federal Government of Nigeria has advised against panic buying of petrol, stating that the pump price of Premium Motor Spirit (PMS) remains N165 per litre.

This is according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), the Nigerian National Petroleum Company, and the Pipelines and Product Marketing Company during a visit to jetties in Apapa, Lagos.

The joint bodies assured that over 2 billion litres were in various depots.

The Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) Ugbugo Ukoha, told filling stations to comply with the regular pricing template.

He said conflict between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel), which is used in transporting petroleum products from the depots to the retail outlets.

He added that challenge of movement of the product had been resolved with the approved increase of freight rate for trucks.

“So, when we observed that this poses a big challenge in the movement of other products, we made the representation to the Minister of State for Petroleum and Mr President graciously approved that the freight rate for trucks be increased.

“There’s a N10 addition, which we will apply to the different routes to enable trucks to move to docks easily with less burden. We appeal to operators within this industry to play by the rules.

“PMS is a regulated product and the prices are fixed, the ex-depot price is known. The pump price remains N165 and the authority is ever ready to enforce those rules”, NAN quoted him.

He further said consolidated efforts are being made to close the supply gaps and resolve the ongoing scarcity of petrol in the coming days.

Meanwhile, Mr Adetunji Adeyemi, Group Executive Director, Downstream, NNPC Ltd., said the purpose of the visit to the depots was to get first-hand information on the challenges responsible for the current scarcity.

“Today we have about 2 billion litres of PMS in-country, which is about 34 days sufficiency. So, there is sufficient petrol in the country.

“We are working with the entire stakeholders and players in the downstream sector to ensure that this product gets to the distribution channels and also the stations.

“We want Nigerians to continue to enjoy the free flow of petroleum products,”

Recall that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had on Monday advised its members to adjust pump price to a minimum of N180 per litre.

However, from our interaction with members of the the public, the queues have not reduced but increased as many are force to buy from “black market” vendor at different prices.

In Mushin area, a driver told our correspondence that he bought five liters of petrol at N2000.

In Isheri-Osun area a dry cleaner who lamented of no power supply said he got the product at the rate of N250 per litre at a filling station.

Report from areas such as Isolo, Ejigbo and environs say the product goes for an average of N300 pre litre.

Commercial bus driver have also increased their fare charge as commuter are seen trekking distance as a result of exuberant fare charges.

At Magboro (Ogun State), passengers were made to pay N300 to Berger, compared to the normal fare of between N100 and N150. From Oshodi to Obalende, passengers paid N500, compared to the usual fare of between N300 to N400 when there was no fuel scarcity

At Obalende, many commuters who were either heading for Falomo, Lekki, Victoria Island or the Ajah axis of the state were seen stranded at various bus stops.

Some of the commuters who eventually got vehicles to their destinations had to pay between N500 to N700 to Lekki and Ajah, compared to the usual price of N200 for Lekki passengers and N400 for Ajah passengers.

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