NEWS

Petrol Must Sell For N151.87 Per Litre – Marketers

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Despite assurance by the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru that Petrol price would not increase, marketers with knowledge of the market and pricing mechanism, have said that petrol should be sold N151.87 per liter as against N145 fixed by the Federal Government.

Petrol Must Sell For N151.87 Per Litre

Petrol

According to a popular daily, the marketers said that the increase was basically due to the continued scarcity of the United States dollar, adding that the true price of petrol was N151.87 liter, judging by the current ex-depot price of the commodity.

They said that the ex-depot price of the product was N133.28 per liter and that the marketers were doing their best to manage the situation.

“But if the reverse is the case, then they have a complaint. I want you to find out what is the marketers’ margin, transporters’ margin, bridging fund, Petroleum Equalization Fund, administrative charges and more. When you add all these together, you will realize that truly, the marketers are doing all they can to hold the pump price at the N145 per liter band”, they lamented.

“But for how long can this be sustained? The competition has made the marketers come up with ingenious ways to source forex, which is why some stations still sell below the N145 per liter price in order to attract customers and make the turnover in bulk. But the truth is that this is unhealthy and cannot be sustained.”

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