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By Adewale Sanyaolu
Fuel retailers yesterday, adjusted their pumps to reflect a new price regime over rising crude oil prices which has seen Brent Crude move up to over $80 per barrel.
Findings by Daily Sun revealed that most major marketers have adjusted their pump prices to reflect the movement of crude oil prices.
As of yesterday, 11 Plc operating under the Mobil franchise had adjusted its retail pump price to N970 per litre from N950, ditto for Petrocam from N950 to N975 per litre.
Sources at the Apapa depot told Daily Sun in separate interviews that the ex-depot price of petrol had moved from N912 to N950 per litre. “The N950 per litre price is for our old stock because we don’t know what would happen to crude oil prices in the days ahead. So, we have to start edging against price fluctuations in order to protect our investment.
I can tell you for free that every depot that adjusted its ex-depot price did so based on the old stock they had. No one is confident to make fresh orders now because the international crude oil market is not stable for now,’’.
National President of Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Mr. Billy Gillis-Harry, said the price changes are expected given the current state of market which is now deregulated.
Gillis-Harry said the price movement of petroleum products would continue for the next one year before the market gets stabilized.
“For now, prices will keep fluctuating.
What we are experiencing now is just a little response to crude oil price. If there is another cost element that drops, it will still cause the price to come down and if there is another input cost that is added, prices will go up.
There is no way you can do this business without making profit and you will still want to remain there. That isn’t possible. Every cost must be borne and factored into the business. The truth is that we will continue to express price depression and price uprising till we get to a comfortable stead.
