Petrol marketers in the country have ignored the federal government’s order to retain the fuel pump price at N165 per litre.
The marketers since Tuesday therefore unilaterally raised the fuel pump price from its official N165 per litre to N185.
This is coming as the Major Oil Marketers Association of Nigeria (MOMAN), complained that the current price was no longer feasible.
A visit to filling stations in Awka, the Anambra State capital showed that some of the petrol stations raised the price as high as N190 and above per litre.
Two filling stations visited at the popular Aroma Roundabout sell at N190 and N195 per litre respectively.
Similarly, NIPCO filling station in Mabushi District of Abuja sells at N175 per litre.
The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, while commenting on the price hike said it was not a surprising development because marketers need to cover their cost of operation which is not feasible with the official pump price of N165.
He maintained that oil marketers have been running at a loss for the past months and as a result, most stations closed down.
Ukadike explained that “Abinitio, we have also stated that there is no way marketers will buy products from private depots who are now selling at N170 and some at N167 depending on the area the tank farm is situated. These private tank farm owners have made it clear that they cannot sell at a government-approved price.
“Marketers cannot buy at N167-N170 and you expect them to sell at N165. This is why marketers have looked at the high cost of logistics because diesel is at N850 per litre now and to transport product from these wet areas to dry areas cost a lot of money.
“If you look at Abuja you will see that it does not have any depot that supplies petroleum products. All petroleum products in Abuja, Kano and other northern areas of the country are being taken from wet areas like Lagos, Calabar and others which have seaports.
“The products are all imported and Nigeria is heavily; dependent on imports because the refineries are not working. So the private tank farms are now used to; supply petroleum products to marketers. We are now left in their hands and whatever they sell to us, we will mark up our margins and sell to customers, the end users.”
According to him, pump prices would; vary from one filling station to another across the country because of where the product was; sourced by the marketer.
“While those (marketers) in Calabar might; buy at N170 or those in Port Harcourt at N162 or; those in Lagos at N163 depending on how the tank farm owner got his product, if you include cost of logistics and the numerous taxes government have; imposed on us, then the end result is what you are seeing.”