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Petrol price cut: Oil marketers still sell at N170 per litre – Investigation

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Nigeria to lose $24bn oil, gas investments in six years — AEC…As MOMAN, IPMAN say they were not carried along

By Udeme Akpan & Ediri Ejoh

Barely a week after the Federal Government had slashed the price of petrol from N166 to N162.44 per litre, oil marketers continue to sell the product at between N166 and N170, according to Vanguard investigation.

The investigation showed that the oil marketers, especially members of the Independent Marketers Association of Nigeria, IPMAN, and Major Oil Marketers Association of Nigeria, MOMAN, still sell the product at the old price nationwide.

In an interview with Vanguard, weekend, Chairman of MOMAN, who also doubles as Managing Director, 11 Plc, Mr. Adetunji Oyebanji, said the reduction was not in the best interest of the downstream sector.

According to him, “We are completely in the dark as to how the price was arrived at, what the components are and other details that operators in the industry are expected to know and make meaningful business decisions.

“This uncertainty and policy somersaults would not augur well for the industry. We acknowledge that the times are hard but we need to think of the long-term sustainability of the industry. Without this investment, growth and new jobs would be a mirage. If my cost does not allow the reduction, we would not reduce the price. It can only work if marketers have finished their old stocks.”

READ ALSO: Fuel Price hike: FG reduces price by N5 per litre

The National Operations Controller of IPMAN, Mr. Mike Osatuyi, had said:  “The government said it had deregulated. So, it is not possible to sell petrol at N162. If you ask anybody now in the industry, they will tell you the price at which they can sell is about N170 to N180. The Minister of labour does not have the power to determine the price of petrol. Even the President can only do that if we go back to subsidy.”

The price cut was agreed at a recent meeting between the organised labour, including the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and the Federal Government.

Vanguard News Nigeria

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