No planned price hike, says FG, queues spread amidst fuel scarcity
Vondigest reports For the first time in weeks since the scarcity of Premium Motor Spirit, popularly called petrol began, the Federal Government opened up and declared on Wednesday that there was no plan to increase the pump price of petrol, at least during the Yuletide season.
However, the government’s comments came amid a worsening and persistent fuel scarcity, which spread further on Wednesday across the country. Also, the cost of the commodity rose to as high as N285/litre in some filling stations in Abuja.
Oil marketers stated that the black market cost of petrol in Lagos had risen to about N450/litre, while it sold for more than that price in some other states.
But the government disclosed on Wednesday that there was fuel supply stock that could last the country for 34 days.
He said the cost of the commodity had been rising due its unavailability and other concerns in the sector, stressing that consumers should be ready to pay between N350/litre to N400/litre before the end of this year.
From the reports obtained from The PUNCH on Wednesday that the pump price of petrol could hit N400/litre at most filling stations before the end of this year, going by the continued scarcity of the product, according to oil marketers.
This will represent over 100 per cent increase in the pump price over the period.
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, had told journalists that most IPMAN members, who owned bulk of the filling stations across the country, were now subjected to purchasing PMS at about N220/litre, which was why many outlets currently dispensed at about N250/litre and above.
He said the cost of the commodity had been rising due its unavailability and other concerns in the sector, stressing that consumers should be ready to pay between N350/litre to N400/litre before the end of this year.
Oil marketers, who made the disclosure, also gave other reasons for the continued scarcity of petrol, which had led to the lingering queues at filling stations nationwide.
They said PMS imports charges were becoming unbearable for the sole importer of the commodity – NNPC, disclosing that the oil firm had been subtly pushing these charges to depot owners.
It was learnt that depot owners, on their part, were also passing the charges to filling stations, which in turn push it to final consumers of the product, a development that has led to the increase in the pump price of the commodity.
It was also gathered that the Federal Government had quietly allowed depot owners to raise the ex-depot price of petrol to about N185/litre, whereas the approved rate used to be N147/litre.
Source: PUNCH
