Business News

Petrol Price May Soon Be Above N145- IPMAN

Price of Premium Motor Spirit (petrol) might soon increase if depot owners continue to sell between N136.50 and N137 per litre.

This was disclosed by the Chairman, Independent Marketers Association of Nigeria, (IPMAN) Ore Depot, Mr Shina Amoo, in an interview with newsmen in Lagos.

Amoo noted that the independent marketers of petrol might soon be selling it beyond N145 per litre, thereby urging the Nigerian National Petroleum Corporation (NNPC) to prevail on depot owners not to sell beyond the official ex-depot price in order to enable marketers to sell to consumers at N145 per litre.

He said, “Private depot owners have increased the ex-depot price of PMS beyond N133.28 per litre, a litre of Premium Motor Spirit (petrol) was bought between N136.50 and N137 per litre from private depot owners last weekend.

“This can affect the pump price at which independent marketers will sell the product, and it will certainly be beyond the N145, which is the official pump price.”

“We, independent marketers, are law-abiding. We don’t want to sell beyond the official pump price and that is why we are urging the government to monitor private depot owners to make sure they don’t sell above the official ex-depot price of N133.28.

“The NNPC is the sole importer and nobody has the right to increase the price but if they continue to sell to us above the official ex-depot price, we will have no option than to increase the pump price above N145 per litre. The increase in price by private depot owners will eventually push the burden on the marketers and final consumers.”

The NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, earlier admonished private depot owners not to increase the ex-depot price.

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