By Seyi Odewale
Despite the recent Nigerian National Petroleum Company Limited (NNPCL) announcement regarding a price reduction, many filling stations across the country still sell petrol at over N1,000 per litre.
Last week, the NNPCL and the Dangote Refinery reduced the ex-depot price of petrol to ₦899 per litre in Lagos.
ThisNigeria checks yesterday revealed that petrol is being sold for N1,030 per litre at an NNPC Mega Station in Abuja’s Central Business District.
Motorists in the area have expressed frustration over these high prices that contradict expectations following the announced reduction.
Similarly, in Lagos State, an NNPCL station in Ikoyi was still selling petrol at N1,020 per litre.
This situation has led to dissatisfaction among motorists who had hoped for more affordable fuel costs.
In Port Harcourt and Kaduna State, prices stood at N1,015 and N1,025, respectively, at most operating NNPCL outlets.
However, a few NNPCL outlets in the Alimosho axis of Lagos State have adjusted their pump price to N925 per litre.
*Reduction to reflect within the week- PETROAN
However, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said Nigerians should expect a reduction in the product’s pump price within the week.
While the pump price of the product has not been reduced in many filling stations, PETROAN said the new cost of the commodity will take effect this week.
“But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market,” the president of the association, Billy Gilly-Harry, said on yesterday’s edition of Channels Television’s breakfast show Sunrise Daily.
“But also, I’ll give kudos to some of our members, some of the leaders in PETROAN, you know, that have done so well, especially in Abuja, for even reducing their prices to below ₦1,000 before this announcement.
“So, we don’t encourage our members to try to sell products at a loss because our focus is to serve Nigerians. We can only serve Nigerians when we have the resources to do that. The resources can only be there if we’re making marginal profit enough to pay for the cost of money and ensure that we continue doing business. So, never mind, you’ll hopefully see the translation of this reduction of prices in the retail outlets within the week.”
He said members’ inability to sell at the new ex-depot price is due to some of them having old stocks that were bought at higher prices.
“So, this reduction, if you apply it immediately, don’t forget that some of them bought at ₦970, paid transportation costs and logistics that have taken it quite high,” Gilly-Harry said.
“So, by the time it gets to their retail outlets, it’s quite much more than that. And so they must also sell at a profit – minimal marginal profit as provisioned by the PIA. So, That’s the reason.”
The PETROAN boss commended Dangote Refinery and NNPCL for the reduction in the price of the essential commodity.
