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By Adewale Sanyaolu
Despite a directive from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to reduce petrol prices to N935 per litre, many fuel marketers have continued to sell petrol above N1,000 per litre, leaving consumers frustrated dashing earlier hopes of a possible slump in the price of the essential commodity.
The development left many motorists at various filling stations in Lagos disappointed.
IPMAN National President, Mr. Maigandi Garima, had on Sunday said the price of petrol would drop to N935 per litre by yesterday, judging by the announced price slump by Dangote Refinery and NNPC Ltd.
IPMAN explained that the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and a uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
However, findings by Daily Sun across filling stations operated by IPMAN on Monday revealed that they were yet to adjust their pumps to reflect the new price regime. Most filling stations were still selling petrol between N1,100 and N1,200 per litre.
The situation was similar at filling stations operated by NNPC Retail outlets, where the ex-depot price of petrol was reduced from N1,020 to N899 per litre. At NNPC Retail outlets, petrol was still being sold at the old rate of N1,015 per litre.
Similarly, Dangote Refinery slashed its ex-depot price from N970 to N899.50k per litre. Members of the Major Energy Marketers Association of Nigeria (MEMAN), who are the bulk off-takers from Dangote Refinery, stuck to their guns, selling at N1,015 and N1,065 per litre.
Some filling station managers, speaking on condition of anonymity to Daily Sun, claimed they were still selling old stock and could not immediately switch to the lower price regime. Others said they were still waiting for their engineers to adjust their meters.
LExcept for MRS, which was selling at N935 per litre across its outlets nationwide due to a partnership with Dangote, all other MEMAN members, including TotalEnergies, Ardova, NNPC, Conoil, and Mobil, were selling above N1,000 per litre.
Garima added that the competition currently witnessed in the downstream sector was expected by marketers, given the deregulation, and that it would lead to a continuous drop in fuel prices.
“That is the reason why we have been asking the government to allow the private sector to participate in the refinery business.
“Very soon, more refineries will come up, and the country will see a lot of price reductions in the downstream sector,” he said.
He recalled that during the 2023 yuletide, the price per litre of fuel was sold at N2,000 in the Northern and Eastern parts of the country because fuel was being imported at that period.
He added that the highest price fuel could be sold for in those regions currently is N1,100 because refineries are now running in the country.
“By the time Warri and Kaduna resume production, one can buy products at cheaper rates, and it is good for the economy,” he added.
He also commended the Naira for the crude swap deal, calling it a good development for the growth of the economy.
