Oil Marketers Say FG Setting Them Up Against Nigerians Without New Price Band

• Oil Marketers Say FG Setting Them Up Against Nigerians Without New Price Band

Oil marketers across the country have said by reducing the ex-depot price of petrol without announcing a new price band for pumping price, the Federal Government is setting up marketers against the public.

The Nigerian National Petroleum Corporation had announced a reduction in the ex-depot price last week from N113.28k per litre to N108 per litre without announcing pumping price it should be retailed at the nation’s filling stations.

While the NNPC is not the agent responsible for petroleum product pricing, it has remained major importer of the commodity into Nigeria.

The Petroleum Products Pricing Regulatory Agency responsible for products pricing has remained silent on new pumping price despite NNPC reducing the ex-depot price.

Billy Gillis-Harry, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, said “When a government organisation reduces the ex-depot price and you are not telling the buying public the approved band for the pump price at filling stations, you are trying to put us the retail outlet owners against the Nigerian public.

“The Nigerian public will now be saying that why are we still selling at N123.5 and N125 per litre when the ex-depot price has been reduced?”

He added that “Since there is no selling band to show the approved lower and higher rates, it could mean that the NNPC, based on its recently announced N108 per litre price, is now leaving the band in the hands of marketers. But it is not our call to determine the band.”

Gillis-Harry also noted that several retail outlets still have old stocks and would have to dispense that before adopting new pumping price if any.

“Don’t forget that the N108 is not automatic, it was N113 before and all the stock purchased at that rate has not been exhausted. So these are some for the things that need to be cleared,” he stated.

Asked if oil marketers had met with the PPPRA on the issue, the PETROAN president responded, “Yes we are engaging with them because we don’t want our members to fall short of the law.

“They gave us an ex-depot price of N108 per litre but there is no corresponding price band. I spoke to the executive secretary of the PPPRA yesterday and up till now, there is no other development than what I’ve told you.”