Oil dealers have decried the action of the Federal Government who reduced the ex-depot price of petrol without disclosing a new price band at filling stations.
According to them, the Federal Government by this is putting oil dealers and marketers in a bad spot with public consumers who expect a reduction in sales price.
The Nigerian National Petroleum Corporation had announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108 per litre, but the Petroleum Products Pricing Regulatory Agency, the organisation responsible for products pricing has been silent on the cost of petrol.
The PUNCH reported that the PPPRA had earlier promised to conduct a monthly price review for the PMS but has failed to do so since the beginning of May.
The National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, disclosed to PUNCH correspondent that “When a government organisation reduces the ex-depot price and you are not telling the buying public the approved band for the pump price at filling stations, you are trying to put us the retail outlet owners against the Nigerian public.
“The Nigerian public will now be saying that why are we still selling at N123.5 and N125 per litre when the ex-depot price has been reduced?”
“Since there is no selling band to show the approved lower and higher rates, it could mean that the NNPC, based on its recently announced N108 per litre price, is now leaving the band in the hands of marketers. But it is not our call to determine the band.”
“Don’t forget that the N108 is not automatic, it was N113 before and all the stock purchased at that rate has not been exhausted. So these are some for the things that need to be cleared,” he stated.
He also disclosed that oil marketers have met with the PPPRA on the price concerns.
“Yes we are engaging with them because we don’t want our members to fall short of the law.
“They gave us an ex-depot price of N108 per litre but there is no corresponding price band. I spoke to the executive secretary of the PPPRA yesterday and up till now, there is no other development than what I’ve told you.”
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