Oil Marketers in Panic Buying  Mood Ahead of Possible Increase in Pump Price

A new finding has shown that filling station owners are presently in panic buying mood ahead of a perceived increase in pumping price of petrol in August.

Petroleum Products Pricing Regulatory Agency during the weekend said pumping price could rise due to the surge in oil prices in recent weeks.

According to experts, pumping price could hit 150 per litre this month, especially after comments from the president of the agency validated that possibility.

Billy Gillis-Harry, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, said “There is panic buying and it is because of the worry that prices will be reviewed either downwards or upwards. But because of the marginal rise in crude oil prices, the calculation is that petrol price could go up.”

He added, “That is the situation and this was why we requested that there should be a stakeholders’ engagement every month or quarterly so that we can be sure of what to expect.”

He, however, said a lot of marketers have said they are not going to hike price immediately, particularly if there was an increase in the price of petrol in the month of August.

The PETROAN president said, “Many of our members have been buying products since (July) 22nd and now they have products lined up, hoping that if PPPRA increases price, they will manage the cost in a way that Nigerians will know that we are not out to profiteer.

“We are out there to give service. So if we got products at this current rate of about N143 and they are ready to shoot the price up to N155, which is what is being anticipated, we will still sell at N143.”