The only realistic price of petrol is between N200 and N210 per litre – IPMAN

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CEM REPORT, ENERGY | It is expected that petrol will soon sell at over the regular pump price as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the only realistic pump price of petrol is between N200 and N210 per litre.

According to the marketers yesterday it cost about N194 per litre to lift petrol to various locations.

National Operations Controller of IPMAN, Mike Osatuyi, said the disparities in prices of petrol do not reflect economic conditions as claimed by the government and added that those responsible for importation and pricing should be held responsible.

“I buy petrol at N186.50k per litre from the depot and it costs me about N9.50k to get the same litre to the pump after paying levies. How do you want me to sell at N169 per litre when I have incurred additional costs?”

“No marketer can sell petrol at the regulated price of N169 per litre with the current realities when landing cost is N194 per litre.

“Those saddled with the responsibility of petroleum importation and pricing should be held responsible for the price disparities at the fuel stations.

“The current price of petrol does not reflect inflation, Foreign Exchange costs, union dues and transportation.”

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He stressed that a total deregulation of the downstream sector of the petroleum industry remained the best option.

According to him, total deregulation remains the solution to address challenges in the downstream sector of the petroleum industry as it will allow interested investors to import freely.

“Total deregulation remains the best solution to ending fuel scarcity.

“The cost implication of total deregulation will make the price of petrol too expensive for Nigerians, but it will shift the burden from the government to end users.”

Reports show that fuel stations in Lagos belonging to independent marketers sold petrol between N180 and N200 per litre.

Longer queues have been seen at the station of marketers who sell at the pump price of N169 per litre.

 

 

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