Consumers Paid Additional N76.5bn for Petrol in Three Months

A new report has shown that Nigerians paid additional N76.5 billion for petrol consumption in three months following the deregulation of the downstream sector in March this year.

Investigations have revealed that while petrol was sold at N123 per litre in April and June, it was N125 per litre in May.

However, it rose to N143 per litre, N149 per litre and N158 per litre in July, August and September, respectively. Since then, the pump price has been fluctuating in line with global oil prices.

But juxtaposing price differential with N125/litre paid in March using 1.02 billion litres monthly consumption rate quoted by the Nigerian National Petroleum Corporation (NNPC) for the month of July, consumers pay N18 extra in the month. This represents N18.36 billion.

Therefore, consumers paid extra N24.48bn and N33.66bn in August and September, respectively. Bringing the total additional amount paid by consumers in the three months ended September to N76.5 billion.

However, Billy Gillis-Harry, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, predicted that pump price would decline in October given drop in the price of crude oil.

He said, “But this will only be reflected at the pumps in filling stations when the PPPRA or PPMC comes up with a new ex-depot price for the month of October.”

Gillis-Harry said, “We will continue to insist that the arm-chair pattern of fixing prices is not correct. You saw the confusion it caused the last time. We are going to have a meeting with them (government) that will involve all the stakeholders.

“So hopefully by then we should be able to have the proper information to give to you on the latest in price. However, based on the slide in crude oil prices, there is the suspicion that petrol price may come down.”