BREAKING: Panic As Petrol Price Increased By N9 Per Litre

BREAKING: Panic As Petrol Price Increased By N9 Per Litre—-The Genius Media Nigeria reports that Private Depots have increased the price of Premium Motor Spirit (PMS) or petrol price to N157 per litre, from N148/litre in different parts of the nation.

With the latest development, TGM understands may lead to a petrol shortage across the country.

An investigation by Vanguard monitored by The Genius Media Nigeria, yesterday, showed that the development has discouraged many marketers, especially the members of Independent Petroleum Marketers Association of Nigeria (IPMAN), who lift 90 per cent of their petrol from the depots, belonging to Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN members.

In a telephone interview with Vanguard, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mike Osatuyi, who confirmed the development, said: “We are aware of the development because our members procure about 90 per cent of supplies from DAPPMAN members. We are currently reluctant to lift for now. But very soon, we would be compelled to sell at higher price because we have to recover the costs.”
According to him, their reluctance is based on the fact that the government would not allow them to sell in excess of the regulated above the regulated band of between N162-N165 per litre.

Investigation by Vanguard showed that the hike in the price of petrol was attributed to high exchange rate, currently hovering at N570 per dollar in the black market.

Under the current arrangement, the Nigerian national Petroleum Corporation, NNPC, remains the sole importer of the product into the nation, thus enhancing or enabling the government to subsidise the product.

But the private depot owners, who spoke with Vanguard, said that they take the delivery of the product from the NNPC at the high seas and incur the additional cost of utilising vessels to take the product to their depots.