Oil marketers increase fuel price as scarcity hits NNPC

Oil marketers have increased the price of Premium Motor Spirit (PMS) against the warning of the Federal Government, as fuel scarcity hits retail stations of Nigerian National Petroleum Company (NNPC) Limited.

The pump price at the private-owned fuel stations had been reviewed upward during Ripples Nigeria’s visit to some of the private retailers on Monday, with Oando selling at N170, adding N5 to the government-fixed price of N165 per litre.

It was also learnt that MRS hiked its price to N175 per litre, adding N10 to the cost. The increment had been driven by scarcity of fuel, disruption in distribution, and crude oil price rising in the international market.

During the visit to filling stations earlier today, it was observed that while NNPC Limited maintained its pump price at N165 per litre, there was no fuel at the government-owned retailer on Monday afternoon, with one of the attendants stating that business had closed for the day.

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Recall the Secretary of Lagos Satellite Depot of Independent Petroleum Marketers Association of Nigeria (IPMAN), Ejigbo branch, Akeem Balogun, had stated that the government was yet to send fuel to their station as of a week ago.

“We are still waiting for the PPMC to supply products to our depot so that we can buy at the controlled price and can also sell at N165 per litre at our retail outlets.” Balogun had said.

Also, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Petroleum Pipeline and Marketing Company (PPMC) had threatened to revoke the license of any filling station that hiked fuel price above N165.