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The Standard Gazette
Online Daily News Portal | Online Newspapers

Marketers Disregard FG, Sell Fuel at N145 per litre

Despite the Nigerian government announcement on the reduction of the pump price of Premium Motor Spirit (Petrol) the private fuel marketers have refused to comply.

Only retail stations belonging to the Nigerian National Petroleum Corporation have started selling at the new price of N125 per litre.

According to Punch News, private marketers were still selling at N145 per litre.

Fuel Pump in Nigeria
Fuel Subsidy

The filling stations still defiling the government’s directives are Oando, Mobile, and Capital Oil and Gas on Lagos-Ibadan Expressway.

The Newspaper quotes a top official of one of the fuel marketers’ association who craved anonymity that “What we are asking the government is that: who is going to pay us between the old price and the new price on our old stock? And without them verifying our old stock and telling us what they will pay us and when they will pay us, we will not load.”

“Marketers are holding their strategy session. We will have a common front. The GMD (of NNPC) has invited us for a stakeholders’ meeting, which should have been done before the announcement of the new price. By the end of today, we will have a clearer picture of how they are going to involve us,” he added.

The Federal Government had on Wednesday lower the cost of imported petrol below the official pump price of N145 per litre.

This was contained in a statement tweeted by the Minister of State for Petroleum Resources Chief Timipre Sylva on Wednesday that “Mr President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.”

He also assured that the Petroleum Products Pricing Regulatory Agency would in due course issue a monthly guide to the Corporation and private marketers on appropriate pricing.

The NNPC, therefore, instructed all its retailers to reduce the pump price to N125 per litre.

The Group Managing Director, NNPC, Mallam Mele Kyari, said the corporation had reviewed its ex-coastal, ex-depot and NNPC retail pump prices in compliance with the directives of the Minister of State for Petroleum Resources, Chief Timipre Sylva, on the pricing of PMS.

He said, “Effective March 19, 2020, NNPC ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price is reduced from N133.28/litre to N113.28/litre.

“These reductions will, therefore, translate to N125/litre retail pump price. Despite the obvious cost implication of this immediate adjustment to the corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.”