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3 Dec 2017

Fuel Price To Increase From N145 To N160

The Ore depot branch of the Independent Petroleum Marketers Association of Nigeria, PMAN, has threatened to increase price of petrol from the approved price of N145 to about N160 per litre.
The chairman of the branch, Shina Amoo, told Punch that marketers in some states in the South-West would not have to increase petrol price because Depot and Petroleum Marketers Association of Nigeria had increased the prices of fuel sold to marketers by N16.

According to Amoo, such action would push petrol pricea to about N160 per litre.

He noted that though the Nigerian National Petroleum Corporation, NNPC, did not increase the price they supplied the product to private depot owners.

He said the private depot owners had chosen to sell the product to marketers at N144 per litre.

He said, “We want members of the public to know that we can no longer continue to sell fuel at the government approved price.

“The private depot owners sell a litre to us at a price between N142 and N144 per litre, which should be sold at N133.28. They got the product from the NNPC at N117 per litre.

“We will transport the product from the depots to our various stations and pay workers as well as incur other expenses.

“So, how will anybody expect us to continue to sell fuel to consumers below the cost price? It is not possible. We will have to increase fuel price to about N160 per litre.”

The Chairman, therefore, called on the NNPC to expedite action on the Ore depot so that marketers in Ondo, Osun and Ekiti states would be able to lift petroleum products directly from the depot.

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