Petrol price falling, now sells between N130 and N145

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Total filling station

There are strong indications that  low consumption, low turnover and competition may have forced marketers to sell premium motor spirit (PMS) otherwise called petrol below N145 per litre.

 

Nigerian Tribune gathered on Sunday that marketers, especially the independent ones were now selling petrol between N130 and N143 per litre depending on the area and the marketers.

 

NIPCo filling station at Fadeyi bus stop, on Ikorodu Road was selling petrol at N143 per litre, while NNPC Retail Station at Igando was selling at N135 per litre as on Sunday.

Al Rakin, College Road Ogba, Ikeja sold at N140.

 

In Ibadan, BOVAS, Odo ona, Dove, Ring Road, Diltop, Akala Expressway, offf New Garage all sold at N140, while a filling station at Olorunsogo, Lagos-Ibadan Expressway sold at N143 and another at Orita-Aperin sold at N140.

 

However, all major marketers, including MRS, TOTAL, MOBIL, CONOIL, FORTE were selling at N145 per litre.

 

In a telephone conversation with the Nigerian Tribune, on Sunday, the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, Alhaji Abdul Lateef Jaiyeola, stated that “firstly, that is the outcome of deregulation, whereby competition will force down the price. Secondly, our members are recording low consumption and patronage from motorists. Those who used to sell 100,000 litres (equivalent of three trucks) daily are now finding it difficult to sell 33,000 litres daily.”

 

However, he stated that products from private depot owners were now cheaper and available than products from the Nigerian National Petroleum Corporation (NNPC).

Spokesman of NIPCO Plc, Alhaji Taofeek Lawal, told Nigerian Tribune, that “that is what deregulation brings to the sector. We sell at N134 per litre from the depot at Apapa. Any of our dealers can add N6-N7 per litre as margin after, adding transportation cost of let’s say N2 per litre. The one at Fadeyi bus stop can decide to sell below N143 per litre it is selling if he considers turnover because we deal in volume.

 

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, at two Town Hall meetings in Lagos, recently, assured Nigerians that after six month, competition would force down pump price of fuel and that the government would improve domestic refining capacity by ensuring the three refineries were working to complement imported products by the NNPC and marketers.

 

Efforts to speak with Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Mr Femi Olawore, proved abortive, as his number was not available as at time of this report.

Tribune

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