Oil Marketers refuse to heed reduction in petrol price

The minister of Labor and Employment, ,Dr Chris Ngige, maybe announcement that all parties resolved that the price of petrol be reduced by N5 per litre with effect from December 14 after a brief meeting with officials of labor unions in Abuja last week. Daily Times gathers.

Oil marketer failed to adjust the pump prices of Premium Motor Spirit (petrol) at their filling stations to reflect the N5 reduction announced by the Federal Government last week. but filling stations in Lagos, Abuja as well as parts of Niger and Nasarawa states on Monday were still selling the petrol at between N163 per litre .

The Nigerian National Petroleum Corporation in Abuja – Conoil and Total – sold petrol to motorists at N166.5 and N168 per litre respectively. Also, filling stations, such as Nipco, AA Rano and DanOil, within Abuja, Zuba and Madalla in Niger State, and Mararaba in Nasarawa State, dispensed their products at prices above N162 per liter on Monday.

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On Tuesday the top officials of the marketers’ association spoke to newsmen saying that the price decrease had not been communicated to them.

“We have not got any document from anybody that can be relied on regarding the reduction of petrol price,” the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said.

The Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, said the ex-depot price of the product would determine the price at which marketers would sell it at the filling stations.

“We cannot change the price based on newspaper pronouncements. When we see the documentation that will support that, we will begin to take action,” he added.

Dr Billy Gillis-Harry The President, Petroleum Products Retail Outlets Owners Association of Nigeria said the N5 reduction was not straightforward, adding that implementing it would further increase the losses being incurred by dealers due to the price fluctuations since March this year.

He said, “This reduction is not clear to us and how does it fit in a regulated market? This is why we’ve always asked the government to involve marketers when fixing prices.

“Everyone should be carried along. You cannot imagine the losses which marketers will incur as a result of this.”