Some Filling Stations Sell Fuel Above N1,000 Per Litre, Marketers Give Reasons
- It has been revealed that some filling stations in Nigeria are selling petrol at over N1,000 per litre
- This is despite the decision by Dangote Petroluem Refinery and the NNPC limited to slash ex-depot prices
- Oil Marketers have provided explanations for the high fuel prices despite the efforts of NNPC and Dangote
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Some filling stations still sell Premium Motor Spirit, also known as petrol, at prices above N1,000 per litre.
Reacting to the development, the Independent Petroleum Marketers Association of Nigeria explained that the high prices are because the filling stations are yet to sell out their old stock.
Source: Getty Images
New petrol prices
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery recently announced a price reduction for marketers, leading to new pump prices at filling stations nationwide.
Dangote Refinery reduced its ex-depot from N970 to N899.50 per litre. It further partnered with MRS Oil Nigeria to ensure that its petrol is sold at N935 per litre at filling stations nationwide.
Similarly, NNPC Limited slashed its ex-depot petrol price from N1,020 to N899 per litre, ThisDay reports.
Petrol prices above N1,000
While many major marketers' stations have reduced their prices, Punch reports that several filling stations still sell a litre of petrol for over N1,000.
It was noted that the pump price of these filling stations located in Lagos and Ogun is set as high as N1,070 per litre.
While most sell for N1,050, N1,030, N1,010 or N1,000 per litre as of Wednesday.
Explaining the price disparity, Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria said the marketers were still struggling with the old stock they bought at the old price.
He was quoted as saying:
"Some of our members still have old stock, so they can’t immediately adjust their prices. Once they return to the market and purchase at the lower rates, they will begin selling at the new price.
"As of yesterday, I noticed many of our members in Lagos had reduced their prices to N940 or N935. By next week, more will follow suit. Once the old stock is cleared, they will start selling at the reduced rate."
He further noted that prices will decrease due to increased competition, as filling station owners, being businessmen, will not want to lose customers to their rivals.
Fashola stressed:
"If some of us are still selling at N1,000, it’s because of old stock. Once the old stock is cleared, we will begin selling at the lower price."
Dangote Refinery consumes 13% of Nigeria’s crude export
In another development, Legit.ng reported that the Dangote Refinery now takes 13% of Nigeria’s crude oil exports and domestic supply.
The refinery currently receives about 300,000 barrels of crude oil daily from the Nigerian National Petroleum Company Limited (NNPCL)
Another destination of Nigeria's crude is US.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
