Energy

Anxiety as Ex-Depot Price of PMS increases

By Web News 815 0

There was palpable anxiety among members of the public, following a rise in the ex-depot price of petrol by 4.3% to 490 naira per litre. As a result, some petrol stations have started selling above 500 naira per litre, 12 naira higher than the 488 naira per litre price in the Lagos area and 500 naira in Ibadan.

But findings showed that NNPC Limited still sells the product to major marketers at 446.57 naira per litre.

A visit to private depots in Lagos showed that independent marketers, who lift at N490 per litre ended up selling it at 520 naira per litre at their stations depending on the location in Lagos.

It also indicated that while NNPC Limited continues to sell at 488 naira per litre in Lagos and environs at their retail stations, the major marketers fixed their prices at between 488 naira and 492 naira per litre, depending on location.

This is even as many operators who bought at 490 naira per litre were seen reselling at 515 naira per litre in a thriving black market, a development that has put additional price markups on retail prices.

The checks further showed that many independent marketers closed their gates against motorists and other users of the product while some hawkers were seen retailing petrol at exorbitant prices ranging from N550 to N650 per litre at Maryland, Ikorodu road and other parts of Lagos.

The case is not different in Ibadan as some filling stations owned by the independent marketers have started selling between 515 and 520 naira fixed by the NNPCL while only the marketers are selling at the regulated price of 500 naira

Reports has it that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, are not present to monitor and enforce sanctions against defaulters at the filling stations, a development that emboldened illegal operators to embark on sharp practices, especially pump manipulation and product diversion as many customers have started complaining on the quality of the products being dispensed to them as well as not getting money worth of the product paid for.

Culled/ Oluwayemisi Owonikoko

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Energy

Pump Price: Motorists Appeal to Government to Address Situation

By Web News 480 0

By Rotimi Famakin

The Federal and State governments have been told to take urgent step that would put an end to the exploitation perpetrated by fuel marketers in the country.

Some motorists in Ibadan stated this while speaking with Radio Nigeria on their experience in getting premium motor spirit otherwise known as petrol.

The motorists including Ayobami Isreal, Oluwaferanmi Adekunle and Ogunsuji Adegoke said they were yet to get the product despite their early arrival to the filling station they noted that, the fuel marketers were being unfair saying the subsidy for the current product at their disposal had been paid by the government as the removal of the subsidy commences in June.

They explained that, the marketers should be sanctioned for failing to sell at the stipulated pump price.

Our correspondent gathered that, aside major marketers that sell the product for N195 naira per litre, independent marketers sell the product at varying price of N330, N350, N370 and N420 per litre. 

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Economy

Tuc to Meet Stakeholders on Possible Reversal of Fuel Pump Price

By Web News 611 0

The Trade Union Congress, TUC, is in consulting with government and other stakeholders to revert the recent increase in pump price of fuel and electricity tariff in the country.

Chairman of the Osun State Chapter of the congress, Comrade
Adebowale Olubunmi made this known to Gold FM, Ilesa.

The congress chairman, who pointed out that the TUC was not docile explained that the outcome of the consultations would determine the next step in the interest of the workers and the masses.

On the protest and agitation of students on the hike in the pump price of fuel, Comrade Olubunmi pleaded with them to exercise more patience and not allow miscreants to hijack their protest.

oriola afolabi

Energy

Just In:NNPC Hikes PMS Depot Price To ₦151.56/litre

By Web News 1321 Post a comment

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to ₦151.56 per litre from ₦138.62 per litre.

This was disclosed in an internal memo from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka.

The ex-depot price is the price at which the product is sold to marketers at the depots.

The memo notes “Please be informed that a new product price adjustment has been effected on our payment platform.

To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (₦151.56k) per litre. This is effective from September 2, 2020.”

Adadayo Adelowo