Fuel Marketers Predict PUMP Price To Increase To N170 Per Litre

Fuel Marketers make moves to increase the price of PUMP price as they claimed that scarcity of products at petrol tank farms is the major reason for this ill development

According to members of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria

The pump price of petrol may increase from N162 per litre to N170 per liter while depot price is projected to increase from N159 to N165 per liter any time soon

The fuel marketers reported that many tank farms have no petrol and few that have petrol, have decided to increase their prices from the N148 per litre which is the approved price to N150 per litre.

Confirming the development, The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said that,

“I want you to know that the availability of petrol is a problem. Most tank farms don’t have products. And the place to go and buy the product is from the few ones that have.

And as a result, profiteering will set in and they will be selling at N159 to N160/litre. You (marketers) will now consider moving the product to your filling stations, particularly for marketers who don’t get bridging claims.

Now, this marketer will pay close to N100,000 to be able to send the product to his station. Now when the product gets to his station, that product’s cost is almost at N163/litre. So, will he use only N2 margin to sell petrol, knowing that he will pay staff, power bill, taxes, etc? you do the math

Marketers should not be held responsible when the pump price increases. Many tank farms don’t have products. So marketers don’t have an option because if they buy, they sell, as no marketer will sell at the below price he or she bought

If there is a surplus you will see marketers selling at N162/litre or even below, but right now you hardly find anyone selling at that price. I also want to let you know that by next week being the end of this month November 2021, products will be close to N165/litre at depots.”

This happening is not about the festive period we are entering, is simply because there is no availability of PUMP products ‘AT PETROL TANK FARMS’ and few who have will sure increase theirs.

However, The Nigeria National Petroleum Corporation NNPC has denied the claim of scarcity of petroleum products in the tank farms.