Oil Marketers Demand Increase in Petrol Prices as Ghana, Benin, Togo, Others Sell N1,000/litre
- Petroleum marketers in Nigeria are pushing for further upward review in prices
- They say the current price of petrol does not allow them to make a profit considering current realities
- Tunji Onyebanji, a former Chairman of Major Oil Marketers of Nigeria (MOMAN), said the product is sold higher in neighbouring countries
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Oil marketers insist that the current petrol prices in Nigeria do not reflect the market realities, saying that a further price review will make them break even.
The development comes after petrol prices were increased twice in two months from N189/liter to N500/liter and, recently, from N537 per litre to N617/ litre across Nigeria.
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Petrol sells higher in neighbouring countries
Punch reports that the former Chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, Tunji Oyebanji, said the review will reflect current market realities.
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Oyebanji said that neighbouring countries sell products close to or above N1,000 per litre.
He said:
“If the prices in neighbouring countries reflect true market prices and our own do not, there is still a danger. We won't know the exact situation until we all import at the new exchange rate, know the price, and compare it with our neighbours. Likely, the differential will not be so much.”
Marketers project new petrol prices for July
An investigation shows that while Nigeria sells petrol at N617 per litre, the product sells around N1,169 in Mali, N986 in Ivory Coast, Cameroon at N986, Ghana at N984, Togo N945, and Benin Republic N877 per litre, respectively.
The National Controller of Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that petrol prices could rise from N600 to N700 per litre in July.
He added that competition was healthy for the industry and allowed a level-playing field for market operators.
Legit.ng reported that the products sells as high as N1,100 in countries like Mali and Togo.
Recent reports say that black market fuel vendors and commercial drivers in Cameroon, Benin, and Togo have seen the collapse of their businesses due to low supplies and high prices as Nigeria removed subsidies from petrol.
Marketers alert Nigerians on new petrol prices for North, South regions as Private Companies Begin Importation
Legit.ng reported that Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that Nigerians should expect the pump price of petrol to rise above N700 per litre, particularly in the Northern region starting from July.
Mike Osatuyi, the National Controller of IPMAN, who disclosed this, also asked residents of Lagos to expect petrol prices of around N610 per litre.
According to a report by Punch, the new prices will come into effect when independent marketers begin importing petroleum products.
Source: Legit.ng
