Petrol marketers have issued a seven-day ultimatum to the Federal Government, threatening to abandon private depots if the government fails to intervene to end price disparity.
The Chairman, Independent Petroleum Marketers Association of Nigeria, Satellite depot, who also represents the South-West, Akin Akinrinade, told journalists in Lagos that depot owners would buy fuel at N148/litre from the Nigerian National Petroleum Company Limited but sell to IPMAN members at N220/liter.
“In the last three months, the petroleum distribution sector has been experiencing some turbulence. The authorities in charge, instead of resolving the challenge, have been giving us excuses, especially around the mother-and-daughter vessels. What we have noticed as an association is price disparity. While the major marketers are selling at the rate of N170 per liter in their stations, and retail outlets at N169, private depots are selling to us at N220 per liter ex-depot price,” he said
