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Fuel marketers predict pump price to increase to N170/litre, claim scarcity of products at petrol tank farms

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Fuel marketers predict pump price to increase to N170/litre, claim scarcity of products at petrol tank farms

Members of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria have said the pump price of petrol may increase from the current price band of N162 per litre to N170 per liter while the depot price is projected to increase from N159 per liter to N165 per liter.

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The association warned that the rising cost of petrol at depots will definitely cause an increase in the pump price of petrol if not checked. According to the fuel marketers, many tank farms have no petrol and the few ones that have it have decided to increase their prices from the approved N148 per litre to N150 per litre.

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The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, who confirmed this development, said 

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 “I want you to know that the availability of petrol is a problem. Most tank farms don’t have products. And the place to go and buy product is from the few ones that have.

And as a result, profiteering will set in and they will be selling at N159 to N160/litre. You (marketers) will now consider moving the product to your filling stations, particularly for marketers who don’t get bridging claims.

Now this marketer will pay close to N100,000 to be able to send the product to his station. Now when the product gets to his station, that product’s cost is almost at N163/litre. So, will he use only N2 margin to sell petrol, knowing that he will pay staff, power bill, taxes, etc?

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Marketers should not be held responsible when the pump price increases. Many tank farms don’t have products. So marketers don’t have any option because if they buy, they sell.

If there is surplus you will see marketers selling at N162/litre or below, but right now you hardly find anyone selling at that price. I also want to let you know that by next week, products will be close to N165/litre at depots.”

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The Nigeria National Petroleum Corporation NNPC has however denied claims of petroleum products scarcity n tank farms. NNPC says it has enough petroleum products to last the country all through the festive period in December and beyond. 

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