DEPOTS owners, under the umbrella of Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, weekend, continued to sell petrol at over N200 per litre to the independent marketers nationwide.

The Federal Government had at a crucial meeting with downstream stakeholders last week, agreed to peg the ex-depot price at N172 per litre, with everyone promising to comply.

Consequently, the independent marketers that incur additional cost of transporting the product to their retail outlets ended up selling it to motorists and other users at between N250 and N300 per litre, depending on location.

The Chief Executive Officer, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Engr. Farouk Ahmed, did not respond to Vanguard telephone calls and text messages yesterday.

But speaking in a telephone interview with Vanguard, yesterday, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr. Mike Osatuyi, said: “The government has already put the ex-depot price at N172 per litre. Everyone has agreed to comply.

”Unfortunately, the depots owners are still selling at over N200 per litre. It is expected that they would comply once they finish selling their old stocks.

“Consequently, the independent marketers have not been able to reduce their pump prices. They have continued to sell at between N250 and over N300 per litre, depending on location because they also pay additional cost for transportation.

(CDA NEWS)
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