Thursday, 06 August 2020 15:59

Petrol sells between N148 - N150 in Ogun, Rivers without incidents

Filling stations across Ogun State have adjusted the pump price of the Premium Motor Spirit (PMS), popularly known as petrol to the current price, selling the product between N148 and N151 per litre.

A visit to some filling stations in Abeokuta showed that the adjustment in the pump price was done yesterday, Wednesday following the announcement of the new price regime by the Petroleum Product Pricing Regulatory Agency (PPPRA)

There is no panic buying in the state as motorists go in and buy fuel with ease

Speaking with Vanguard, motorists complained bitterly about the sudden increase in the new price of petrol, saying that the government is not sensitive to the plight of the common man.

“Federal government should do something on the price of petrol. God has blessed the country with abundant mineral resources, including crude oil and we are suffering. May God help us”.

Meanwhile, the southwest Chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Dele Tajudeen has directed all its members in the zone to increase the pump price of petrol from N143 to N150 in their respective filling stations.

Tajudeen said the directive became necessary in order to avert the planned shutdown of petroleum filling stations across the zone.

He explained that the decision to increase the dispensing price followed a new price regime announced by the Petroleum Product Pricing Regulatory Agency (PPPRA) which increased the depot price of the product from N133. 72k to N138. 62k without consulting with other critical stakeholders like IPMAN.

He berated PPPRA for what he described as “policy inconsistency”, saying that PPPRA’s new depot price has subjected IPMAN members to a serious dilemma.

On Port Harcourt most fuel outlets have commenced the selling of Premium Motor Spirit (PMS) at N150 per litre in Rivers state following recent price adjustments.

Filling stations, including Conoil by Mile 1, Education Bus Stop monitored in Port Harcourt were seen dispensing PMS, also known as petrol at the new rates with hardly any resistance from fuel consumers.

Public Affairs commentator, Ese Komone, however, said, “It’s not fair. Retailers are always fast with pump price adjustment when the review is upward.

“It’s a different ball game when the review is downward. Beyond that, the adjustment upward is not always commensurate with the situation when crude oil prices drop in the global market.

“Remember prices dropped to its lowest level, near-zero, in the heat of Covid-19. Imagine the insignificant reduction in pump price we had, which didn’t even last, compared to the upward review we now have.”

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