Skip to main content

Petrol pump price hits N630/litre as more filling stations shut down

Petrol pump price hits N630/litre as more filling stations shut down

Amid the ongoing crisis regarding the availability of fuel across the country, the pump price of Premium Motor Spirit (PMS) now stands at approximately N625 to N630 per litre.

Oil marketers continue to voice concerns about the mass shutdown of filling stations and the inability to transport petroleum tankers due to the skyrocketing costs associated with importation, lifting, transportation, and distribution of petroleum products.

Due to a lack of foreign exchange, marketers are struggling to import petroleum products, compounded by their inability to access products from the Nigerian National Petroleum Company Limited (NNPCL), leading to the current scarcity.

Investigations reveal that most filling stations within the Federal Capital Territory (FCT) are either not dispensing products or are selling them in the N625-N630 per litre range.

In response, the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of fuel, has insisted that there is an ample supply of the product, with a 30-day sufficiency.

Commenting on the situation, Chief Chinedu Ukadike, the Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), commended the government’s decision to maintain the current PMS price, considering the various crises afflicting the sector. However, he cautioned that if the current rate persists, petrol prices should be between N900 and N1,000 per litre, potentially creating a dire situation for Nigerians.

Ukadike explained, “The Federal Government has shifted away from deregulation and is now subsidizing petroleum products due to importers’ inability to source dollars from the parallel market, where the dollar rate is nearly N1,300. The government’s intervention, through its subsidiary NNPCL, has emerged as the country’s sole fuel importer, thus ensuring continued subsidy for Nigerians.”

He highlighted other factors contributing to the price increase, stating, “In Abuja, marketers are selling at N630 per litre because they are buying from Lagos, and the transportation cost from Lagos is now approximately N2.3 million, depending on the truck’s capacity, compared to the previous N400,000.

”Billy Gillis Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), noted that as of Friday, the PMS price from the depot was N605 per litre, justifying the noticeable adjustment in the retail price. He advised consumers that if they find PMS at N640 or N650, they should consider it a fair deal due to the challenges faced by retailers in sourcing and distributing the product.

Labels:

Comments

Post a Comment

Popular posts from this blog

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders

Steer Clear from Tompolo's  Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders  Niger Delta Human Rights Activist, comrade Daniel Ezekiel has berated ltsekiri leaders for calling on  the Federal Government to decentralize the pipeline security contract awarded to the Niger Delta living legend, High Chief Government Ekpemukpolo alias Tompolo. The activist in a statement to FocalPoint Reports, on Thursday, reacted with displeasure and strongly condemned Itsekiri leaders Who were led by Hon. Michael Diden to call for the decentralization of Tompolo's Surveillance contract, during a visit to High Chief Bibopere Ajube (Shoot-at-sight) at his Agadagba-Obon, residence in Ese-Odo Local Government Area of Ondo State,  Ezekiel Daniel described those who visited Bibopere Ajube as self-proclaimed Itsekiri leaders and their voices are nothing good but mere distractions and should not be taken seriously. He added that the statements m...
1 comment
Read more

NMU Governing Council chairman seeks solutions to challenges facing varsity

NMU Governing Council chairman seeks solutions to challenges facing varsity The Acting Chairman of the Governing Council of the Nigerian Maritime University, Okerenkoko, Delta State,  Adewale Adeogun, has appealed for immediate action to address the pressing challenges facing the institution.   Adeogun, who spoke during the council meeting  in Warri, expressed deep concern over the university’s underdevelopment despite its six-year existence. Highlighting the urgent need for government intervention, Adeogun emphasised the importance of establishing a permanent campus and ensuring adequate funding.  He pointed out that the university’s progress has been hindered by the suspension of projects initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA). “It is disheartening to see that despite being a specialised university, Nigerian Maritime University is still struggling to find its footing,” Adeogun stated. “We must work tirelessly to secure gov...
Post a Comment
Read more

Retired police officers protest over unpaid pensions

Some retired police officers under the contributory pension scheme on Tuesday, May 21, protested at the National Assembly over alleged several months of unpaid pensions with a call on President Bola Tinubu to remove them from the scheme. The protesters decried the extreme challenges they endure, saying that the National Pension Commission (PENCOM) has failed to pay their entitlements for several months causing them and their families untold hardship. The aggrieved retired police officers also wrote a Save Our Soul (SOS) letter to the President of the Senate, Godswill Akpabio, calling for an urgent intervention. Speaking on behalf of the protesters, Chairman of the retirees, Christopher Effiong said many of their members have developed terminal illnesses and heart attacks as a result of the frustration associated with the scheme. In a letter dated May 21 and addressed to Senate President Godswill Akpabio, the retirees said many of their colleagues have lost their lives due to t...
Post a Comment
Read more