July 4, 2020

How fuel stations adjusted price after PPPRA ‘guiding mark’

Petrol Subsidy, Subsidy pressures eroding fiscal space — CardinalStone

A fuel pump (stock photo).

A fuel pump (stock photo).

By Michael Eboh

Petrol stations across the country have adjusted their pump price of Premium Motor Spirit, PMS, also known as petrol, to N143.80 per litre in line with the guiding price of between N140.83 and N143.80 per litre advised by the Petroleum Products Pricing Regulatory Agency, PPPRA.

In their surveillance of petrol retail outlets across the country, PPPRA revealed that all the stations visited chose to sell the commodity at the upper band of the advised price.

Specifically, in its daily report of petrol station surveillance, the PPPRA disclosed that in Lagos, Capital Oil Station, Ago Palace Road; Total Petrol Stations at Awolowo Road, Shoprite Oniru and Western Avenue; Oando, at Satellite; Forte Oil retail outlets at Oniru and 21 Road, Festac Town; and Fatgems Service Station, Oshodi/Apapa Expressway, Mile 2, were all selling at N143.80 per litre.

ALSO READ: Why we raised fuel price to N143.80 per litre ― PPPRA

Others also selling at N143.80 per litre are Conoil, Eric Moore; Mobil Stations at Lekki Expressway, Ago Palace Road and Agege; G&G Oil and Gas, Bolaji Omupo Bus Stop, Pedro Road, Shomolu; and MRS, Festac Bridging Link Road.

In Port Harcourt, the PPPRA report stated that of all the petrol stations visited, Energymatics was selling at N140 per litre; Chelsea at Elelenwo Road, Woji, was selling at  N142 per litre, while Hydropet, Eleme Junction, was selling at N140.8 per litre.

However, the report noted that Forte Oil, Olu Obasanjo Way; and Mobil, Olu Obasanjo Way, were selling at N143.80 per litre; while BS NNICC, Ilom Street, sold the commodity at N143 per litre.

At Eket, in Akwa Ibom State, the PPPRA disclosed that Eddy Excel Petroleum has adjusted its pump price of PMS to N142; Idemgh Link, N143 per litre; Fonex Nigeria, N143 per litre; Basumoh Nigeria Limited N143 per litre and Efima Nigeria Limited, N143.80 per litre.

Earlier in the morning on Friday, the PPPRA disclosed that of the 98 petrol stations visited in Lagos, only 20 had adjusted their pump price to N143.50, while majority of the petrol retail outlets were still selling at between N123 and N123.50 per litre.