Private depots sell petrol N139 per litre

John Ofikhenua, Abuja

The Federal Government approved a Premium Motor Spirit (PMS) petrol price of N138.62 per litre on Tuesday but Private Depot Owners (DPO) are selling the product to dealers for N139 per litre, The Nation learnt.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) Vice President Alhaji Abubakar Maigandi broke the news to The Nation on Wednesday.

He said in a telephone conversation that the Federal Government was yet to come up with a new pump price for the month of August 2020.

He said since the Nigerian National Petroleum Corporation (NNPC ) depots sell the product for N138.62 per litre, private depots decided to increase their prices marginally to N139 per litre.

This market interplay, said Maigandi, has compelled some of the marketers to peg their pump prices at N148 to N150 per litre.

He said: “The Federal Government has not directed us (marketers) to sell petrol at any pump price.

“Of course, you are aware that the product has been deregulated so we are at liberty to sell according to cost price.

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“It seems the private depots decided to sell the product at N149 per litre because NNPC depots are selling it at N148.62.

“Marketers have to sell in view of the cost they incur so some of us have instructed our stations to sell it for between N148 to N150 per litre.”

Meanwhile, subsisting pump price of N143 per litre was maintained by all the retail outlets that The Nation monitored in Abuja.

The deregulation of the price of PMS, which began recently, has resulted in private sector participation in importation of the product.

Source: The Street Journal

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