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Petrol Marketers Increase Fuel Price, Give Reason

Independent retail outlets selling Premium Motor Spirit (PMS) petrol raised their pump prices above the official cap of N617 per litre, apart from the Nigerian National Petroleum Company Limited (NNPCL).

Numerous filling stations closed down, while black-market sellers with plastic containers started appearing along major highways. The Independent Petroleum Marketers Association of Nigeria (IPMAN) explained that the scarcity was due to the unavailability of the product at depots, emphasizing the high cost of Automotive Gas Oil (diesel) as a significant factor.

IPMAN’s National Vice President, Mr. John Ocha, mentioned that filling stations like A.Y. Shafa raised their prices to N625 per litre due to the soaring cost of diesel, making transportation expenses exorbitant. Ocha highlighted the challenges faced by marketers in remote states like Maiduguri, Katsina, Kano, and Abuja, where selling at the official pump price was economically unfeasible due to high diesel costs.

He said, “In Abuja, since yesterday (Tuesday) many filling stations shutdown, including A.Y. Shafa. But later in the evening, they started selling. It changed its pump to N625. I don’t know any other station that is still making sales. “The scarcity is because many independent marketers are not selling. And even the tank farm owners, it is only Shafa that I know who is selling. I don’t know of any other one.”

“The product is not much there and the cost of landing of the product is quite high because the cost of diesel is very high. A litre of diesel is above N1000. “For you to move a truck of fuel, for instance, from Warri to Abuja, you will be talking about N300,000 or more. “And I wonder how many people will do that expenses and still come and be selling about N600 or there about.”

Despite the scarcity, the NNPCL assured that its PMS stock was sufficient for 30 days. The Head of Corporate Communication, Iyabo Ojo, attributed the scarcity to challenging road conditions, making trucking difficult for all marketers.

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