Independent marketers of petroleum products in the country have said that they cannot sell the product at the new official pump price of N86.50 because most of their members still have stockpiles in their filling stations, despite the directive by the Petroleum Product Pricing Regulating Agency, PPPRA for all marketers to revert to the new price.
In most filling stations across the nation (except government owned ones), the product is still sold for between N100 and N140 per litre. Some of the marketers who asked that their names not be mentioned, said that it will amount to a loss for them to sell at the new price against the old pump price of N87. “Our station discharged a full tanker before the New Year, but we were afraid of what the new price will be. However, we are sticking to the old price because we still have our old stock,” a fuel attendant told EnergyNews, adding that “We are aware of the government’s directive, but the truth is that we cannot sell at government price when we purchased the product above N100 per litre in Lagos. Look around Ibadan and you will see that only independent marketers are selling the product. The major marketers cannot because they cannot buy at a high cost and sell at a loss either,” another filling station manager who could not be mentioned said.
In the same vein, a former Treasurer of the Independent Petroleum Marketers Association of Nigeria, Western Zone, Mr. Shina Amoo reportedly said that the independent marketers could not reduce the price to comply with the governments directive because they bought the product higher than the new approved price. Hear him: “I bought the product for N102 per litre on Thursday and later I bought it at N94.5 per litre. So, you don’t expect anybody who bought at those prices to sell a litre for N86; it is not possible.” Kwara State Chairman, Independent Petroleum Marketers Association, Olanrewaju Okanlawon, also said members of the body bought their current petrol stock at the old prices.