…NNPC sells at N174/litre

By Obas Esiedesa, Abuja

Following the adjustment in the pump price of petrol, it has emerged that consumers in the North East (N189/litre) and South East (N184/litre) would pay higher price for the product.

A price adjustment table released by the marketers yesterday showed that consumers in Lagos would pay the least price for petrol at N169/litre, followed by consumers in Abuja at N174/litre and in the South South at N179/litre.

Other regions and their prices are North Central N179/litre, South West N179/litre, and North West at N184/litre.

Checks by Vanguard around Abuja metropolis yesterday showed that NNPC has adjusted its pump price at the mega station to N174 per litre. Also, a Forte Oil station across the mega station was selling at N175 per litre.

Speaking to Vanguard on the rates, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike said the prices were a reflection of what marketers were paying to obtain the product.

“We have been buying the product at N157-N163 per litre from the coastal depots and that makes it impossible for us to sell at N165 per litre. We have been saying this for a long time.

“The cost of operation is extremely high given how much diesel now costs. All these must be put into consideration when planning for the downstream sector. Local refining is the way to go and we are calling on the government to make this happen”, he stated.

Speaking on the current subsidy policy of the government, the Group CEO of NNPC Limited, Mallam Mele Kyari said it was the decision of the government to pay subsidy on petrol.

Kyari noted that the decision was more social and economical than political.

“I don’t see any political consideration for this. The deregulation is clearly spelt out in the Petroleum Industry Act and within a time frame.

“Deregulation is about pricing petroleum at the appropriate price and this is what it is now. There are always social circumstances that make the government and states decide whether they are going to provide subsidies on certain commodities. You can subsidize production or consumption for very different reasons

“The decision the state has made is that it is not the right moment or timing because of economic consideration to take out that subsidy because we would be transferring a number of significant costs to consumers and ultimately it is going to impact on inflation and many other social considerations that would come.

“This we understand perfectly and from the benefit of hindsight we have seen major democracies, first world countries implementing what is clearly a subsidy. For instance, when you take out tax from petroleum you are simply putting back a subsidy on it”.

Kyari blamed ongoing supply disruptions on increasing cost of operation in the downstream sector, assuring that the government was working with stakeholders to resolve the challenges.

“Despite the N10 that has been added to the freight rate, the suppliers are still not able to meet their total cost”, he added.

https://www.vanguardngr.com/2022/07/consumers-to-pay-more-for-petrol-in-north-east-south-east/

APCShit..... Una don make life unbearable for even the Average, to to talk about the poor

Delta state...Yesterday...167/ltr

Nigeria is f*cked up...

Rastaramsey:
Nigeria is f*cked up...

Yeah.