Petrol Marketers Insist On Hike In Fuel Price Amidst Hardship In Nigeria…See The Speculated Figure

Despite the messages of assurance by Dr. Maikanti Baru, the Group Managing Director of the Nigerian National Petroleum Corporation, there is an ongoing agitation to further increase the price of fuel.

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A fresh investigation by Punch has revealed that fuel marketers are advocating for a further increment in the prices of petrol in Nigeria.
Findings stated that actual price at which the product should sell at filling stations is N151.87 per litre as against the N145 benchmark set by the Federal Government some months ago.
This “realistic” price is more than the maximum N145 per litre fixed by the Federal Government on May 11, 2016 when it liberalised the downstream oil sector, marketers with knowledge of the market and the pricing mechanism told a correspondent on Tuesday.
A need for the significant increment in the price of fuel was necesssitated by the scarcity of dollar in Nigeria which is needed for the importation of refined products. The marketers averred that the true price of petrol was N151.87 litre, judging by the current ex-depot price of the commodity.
There is a grave fear among Nigerians that an increase in the price of petrol will further complicate the problem of inflation in Nigeria thereby increasing the already scathing economic hardship.
In Tuesday’s exclusive report by the newspaper on a looming hike in petrol price, dealers explained that the ex-depot price of the product was N133.28 per litre and that the marketers were doing their best to manage the situation.

They stressed that the dollar hit an all-time high last week, as it exchanged for N400 at the parallel market, and called for urgent steps to address the situation in order to sell the PMS at the approved rates.

In a move to avert a price increase, it was learnt that the government conveyed a meeting of stakeholders in the downstream oil sector on Tuesday, which was held at the headquarters of the Petroleum Products Pricing Regulatory Agency in Abuja.

A correspondent gathered that participants at the meeting included officials of the Nigerian National Petroleum Corporation, Ministry of Petroleum Resources, the PPPRA, Major Oil Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association, Nigeria Association of Road Transport Owners, as well as other concerned persons.

Explaining that the actual cost of the PMS had increased beyond the N145 per litre fixed rate, an oil dealer who attended the meeting stated that when the distribution margin for petrol was added to the ex-depot price, the real cost of the commodity was N151.87 per litre.

  1. Samson sinda auta says

    Honestly this totally unfair cos people are really suffering for real.

  2. Oluwatosin Oluwasegun Adetona says

    no way, we can’t take in more increase it petrol price, the marketers should go and sort out with the federal government first.

  3. PAY US says

    what’s the point of commenting when he has’t even paid the July winners

  4. Zakariya suleiman says

    Honestly this APC Leaders are destroying this conutry, price of petrol keeps going up

  5. Ogudo Kingsley chukwuebuka says

    This is very bad, the masses are really suffering in this country.

  6. Ogudo Kingsley chukwuebuka says

    This is very bad, God should save us in this country

  7. Chyyy says

    The aim of APc is to inflict pains, poverty and starvation to nigeria. Say No to them

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