The Nigerian National Petroleum Corporation’s (NNPC) decision to increase the price which it sells Premium Motor Spirit (PMS) to Petrol depot owners have been met with displeasure by the members of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPMAN).
This displeasure was revealed in a telephone interview involving The Nation and Mr. Femi Adewole. The Executive Security complained that the N111 per liter price which NNPC is selling to them is at an insignificant margin, yet the corporation has increased the price to N117.
He said: ‘’By the time depot owners, who are mostly marketers, add other costs incurred in the course of buying fuel from NNPC and later sell the product at the pump price of N145 per liter to consumers, they will be left with little or no profits. More worrisome is the fact that NNPC controls fuel importation, a development which has compelled marketers to sell the product at a particular price. That is the situation we find ourselves. We are praying for solutions to problems inhibiting the growth of the industry, especially the downstream sub-sector.’’
On diesel, Adewole said the price is deregulated, stressing that marketers are selling the product at between N220 to N230 per liter.
Talking on the same issue, MOMAN’s Secretary, Mr. Clemens Isong, complained that they have no choice than to buy the fuel at N117 per liter, since it is the price stamped by the regulatory body, DPR.
It is believed that the reason for the new price is owing to the rise in the landing cost of fuel into the country.