• Oil & Gas - News
  • Updated: March 27, 2024

Oil marketers denies downward adjustment in petrol pump price

Oil marketers denies downward adjustment in petrol pump pric

Claims that the fuel pump price at depot locations has been reduced have been refuted by oil marketers and other downstream business owners.

Allnews.ng gathered that Petroleum stores are still selling at the going rate in the market, while large depots are still dispensing at regular pricing nationwide. 

A source close to depot owners told Leadership that as the currency rate is still unstable, any price reduction would not occur at this time.

He continued by saying that renting vessels to transport goods to Depot facilities still costs between $70,000 and $80,000 per day, and that freight and port fees are still paid in US dollars.

Billy Gillis-Harry, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), informed the media that no such modification had occurred.

"I have placed an order for products and no one has said there is an adjustment and my association is still buying at old prices” he said.

Additionally, Chinedu Okoronkwo, treasurer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), refuted the rumours, stating that prices are unchanged for the time being.

In an interview with journalists, a source from the Major Energy Marketers Association of Nigeria (MEMAN) refuted the rumours as well.

According to the source, Independent Marketers and the Nigerian National Petroleum Company Limited may have an agreement whereby the marketers obtain items directly, which might result in this kind of modification.

According to the source, MEMAN's business strategy involves owning depots and outlets, which they use to transfer goods from their facilities to dispensing outlets, maintaining steady rates.

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