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As ex-depot price rises above N139, petrol at N145 per litre no more feasible—Marketers

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Another round of fuel price hike related confusion is about to rout the nation as investigations at several depots discharging Premium Motor Spirit (PMS) at Ibru Jetty Apapa Monday revealed that ex-depot price has left the official range between N123.28k to N133.28k and shut to N142.

The summary of this according to marketers who spoke to Business Hilights is that fuel price will go up beyond the government range of N139 to N145 now.

Many of the marketers who made reference with a recent meeting they had with the Chief of Staff to the President, Mallam Abba Kyari where the oil marketers pledged to support the federal government’s efforts in ensuring sustained and stable supply of petrol at the official pump price of N145 per litre said it may no longer hold as situation worsened by forex scarcity has drifted to elastic limit.

The marketers had restated their commitment to the N145 pump price and also pledged to ensure significant reduction in the price of diesel.

However, whereas majority are selling above ex-depot price, only six members of the Major Oil Marketers Association of Nigeria (MOMAN) including Forte Oil, Total, Mobil, Conoil, MRS and Oando- are loading petrol at government’s approved ex-depot price.

Analysts say the situation will linger for some time pending when all of the will agree to government price or the MOMAN members reneging on their pledge as it stands now, MOMAN members do not sell the product to other marketers but only to their own dealers and retail outlets.

A top official at one of the marketers doing business at Ibru Jetty, Apapa argued that “tell me how an importer who sought for forex with frustration will land at a high government fee, which when you look at it, you will notice that ex-depot price has gone beyond what government told us and still sell at government rate?”

“Apart from the ex-depot price, you must pay union dues, settle security agencies, pay other bills and still sell at N133.28k. it is no longer feasible, unless government what to give us special access to forex.

Further investigations around Lagos petrol stations since weekend show that majority of filling stations where pump price is always below N145 have gone to N145, meaning that price war with government is imminent.


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