NEWS

Marketers Raise Ex-depot Price To N163/litre

Fuel retailers have accused private depots of being responsible for the shortage of Premium Motor Spirit (PMS) popularly called petrol across the country by increasing the ex-depot price of petrol from N148.69 per litre to N163.

This was even as it said the inability of retailers to source petrol at the official ex-depot price of N148.69 from NNPC owned depots was also a major factor contributing to fuel scarcity.

‘‘This development remains a source of concern to my members because we cannot access the products from NNPC. So, if that is the case, where do the private depot owners get their products from since NNPC is the sole importer of petrol,’’?.

He said the development has forced most retailers out of operation since they cannot get supply adding that it would be illegal for retail outlets to increase petrol price above the price band approved by NNPC.

National President, Petroleum Products Retail Outlets Association of Nigeria (PETROAN), Mr. Billy Gillis-Harry, in a telephone interview with Daily Sun yesterday, said depot owners are profiteering by cashing in on the current situation to profiteer

According to him, retail outlets increasing prices would be doing so illegally or because they bought the product far above the approved retail price and would want to still make profit.

The PETROAN President advised government to summon a stakeholders meeting to truly ascertain what the actual landing cost of petrol is, adding that deregulation of the downstream sector is the way to go.

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