February 9, 2017

Petrol stations mark up pump price

filling stations

AP, one of the filling stations selling above the pump price

By Ediri Ejoh

Contrary to a relatively stable pump price of fuel in Lagos and a few states across the country, there were indications that some petrol marketers were over-shooting the prescribed price ceiling of N145 per litre.

*Subsidy from petroleum saving lives

A visit by our correspondent to some petrol stations in Badagary area of Lagos indicated that many of them were selling at between N147 and N150 per litre.

The National Bureau of Statistics, Premium Motor Spirit (Petrol) Price Watch had indicated that Lagos have been recording average fuel price of about N144.4 per litre in the last three months, though national average and South West average stood at N146.7 and N148.4 respectively as at December 2016.

Against the backdrop of the unauthorized price mark ups discovered in the few petrol stations visited by Vanguard, the Nigeria National Petroleum Corporation, NNPC, yesterday, indicated that the Corporation expects the agencies responsible for ensuring compliance to the prescribed price limit to do their job.

Department of Petroleum Resources, DPR is statutorily responsible for regulating and monitoring petroleum marketing services in Nigeria.

NNPC’s Group General Manager, Public Affairs, Mr. Ndu Ughumadu, told Vanguard that the Corporation has enough stock of the product such that there was no need for any form of panic buying or hoarding to necessitate price mark up anywhere in Nigeria.

According to him, “We have about 36 days sufficiency of PMS (petrol).”

He added: There are agencies responsible for price monitoring. However, in our (NNPC) retail outlets we sell within the price band.”

Also Major Oil Marketers Association of Nigeria, MOMAN, maintained that its members would strictly follow up on apprehending members caught violating the prescribed price limit.

It will be recalled that NNPC, had said that the Federal Government has no plan to increase the price of petrol from N145 per litre.