Filling stations, particularly those operated by independent marketers, now dispense Premium Motor Spirit, popularly called petrol, at prices that are higher than the bands approved by the Federal Government, with some filling stations in the North selling as high as N685/litre.
In July, the pump price of petrol was raised from between N537 and N550/litre to N617/litre at filling stations operated by the Nigerian National Petroleum Company Limited in Abuja and many states in the North.
The price of PMS was also increased from between N488 and N500/litre in Lagos and other South-West states to around N580/litre. In the South-South, the price rose from N515/litre to about N600/litre.
Oil marketers confirmed at the time that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS as approved by the Federal Government, because the NNPCL, being a national oil company, was also the major importer of petrol.
The NNPCL is now the sole importer of petrol into Nigeria. Other marketers stopped importing the commodity due to their inability to access the United States dollars, which is required for fuel imports.
“The price of petrol at NNPCL stations is believed to be the approved price by the government. So once the NNPCL raises its price, every other marketer adjusts his own,” the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, stated.
President Bola Tinubu during his inaugural address on May 29, announced that subsidy on petrol had ended, a development that led to the jump in the price of the commodity from N198/litre to over N500/litre on May 30, 2023.
But rather than dispense petrol around N580/litre and N617/litre bands in the South and North respectively, it was observed that dealers of the commodity were selling petrol for as high as N685/litre, particularly in some states in the North, such as Sokoto, Taraba, among others.
In Abuja, independent dealers jacked up their pump prices to as much as N630/litre, as black marketers who hawked the commodity in jerrycans sold theirs at about N850/litre.
At the Aso Energy Resources Station in Kubwa Phase 2, it was observed that fuel was dispensed at N630/litre, against the approved rate of N617/litre.
A.A Rano filling station at the Jabi Garage, Abuja, dispensed PMS at N625/litre. Meanwhile, NNPCL filling stations at Wuse Zone 6 and Garki Area 10 dispensed the product at the normal pump price of N617/litre.
Lagos, Ekiti stations shut
Petrol has not been available in most filling stations in Ado Ekiti, the Ekiti State capital, for some days, as queues are seen in many outlets in the state.
While the commodity was sold at the approved rate of N580/litre at NNPCL stations, independent marketers, for instance, Matrix located along Poly Road in Ado Ekiti, dispensed petrol at N610/litre.
In Lagos, several filling stations including those belonging to the NNPCL were shut down on Sunday, as findings showed that prices had since climbed to between N600 and N620/litre in retail outlets belonging to independent marketers.
It was observed that some retail outlets belonging to the NNPCL and other independent marketers did not have products on Sunday, thereby shutting their gates against customers.
NNPCL stations around Gate, Jakande Estate Oshodi/Isolo and along 2nd Rainbow did not have any product as of Saturday and Sunday, and did not open to customers.
The stations belonging to IPMAN had raised the price to between N600 and N620/litre, while those belonging to the Major Oil Marketers Association of Nigeria still sold within NNPCL retail price of N585/litre.
It was observed that Fatgbems stations increased their price to N600/litre, Jezco sold its products at N620/litre, AP dispensed petrol at N593/litre.
NorthWest stations sold products at N595/litre, while Eterna Plc also sold products at the same price.