FG deny plan to stroll petrol price as sellers sell at N235 per liter

FG deny plan to stroll petrol price as sellers sell at N235 per liter
FG deny plan to stroll petrol price as sellers sell at N235 per liter

The Federal Government has contradicted plans to stoll the price of petrol regardless of the rise in price from N180 per liter to N235 by all marketers.

In a statement published by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA this was made known while also affirming that the country has 34 days of adequacy in stock regardless of clear proof of shortage across the country.

”This advisory addresses speculations on the price and availability of Premium Motor Spirit, PMS. The Authority wishes to inform the general public that the Federal Government has no intention of increasing the price of PMS during this period.

The Nigerian National Petroleum Corporation Limited (NNPCL) has imported PMS with current stock levels sufficient for 34 days.

Consequently, Marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding.”

This was written in parts of his statement which were signed and published.

During the Yuletide, The public would continue to monitor the supply and distribution of all petroleum products nationwide, this was assured by the agency.

Chinedu Ukadike, the Officer of the Independent Petroleum Marketers Association of Nigeria, (IPMAN) criticizes the inadequacy of the petrol supply shortage.

He stated,

Most filling stations were out of stock because the product was not available at government-owned depots operated by the Pipelines and Products Marketing Company, PPMC.

He imputed the stoll in the price of the goods to the rise in the cost of buying them at the privately-owned depots.

He said

“products do not hide, if it is available, marketers will have it”.

He also criticized the demand that the nation has 34 days of sufficiency,

he reported.

“There is an inadequate supply of petroleum products by PPMC. The government-owned depots are empty and independent marketers have had to rely on private depots for supply at exorbitant prices. So we have many people chasing the small quantity that is available. It is the simple law of demand and supply playing out.

The distribution channels do not favour all sellers and the business environment is big on us,”

The independent sellers were loading at the private depots at N215 per liter, instead of the government-approved price of N145.60 Ukadike gives details.

he stated;

“If you load at that rate, then add cost of transportation and other logistics, it is impossible to sell at the price approved by the government. So at the independent filling station, pump price ranges from N230 to N240.

That is why you have very long queues at NNPC retail stations and virtually no queues at the few independent stations selling the products.”


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