A Review of the Nigerian Energy Industry

Oyo fuel price hike: ‘Faulty generators at Mosinmi responsible’

Fuel-dispencer21 May 2014, Ibadan – Faulty generators at the pumping station in Mosinmi depot, Ogun State have been disclosed to be responsible for the increase in the price of Premium Motor Spirit, otherwise called petroleum, in Oyo State, as many independent filling stations sell above the official pump of N97 per litre.

The Chairman, Independent Petroleum Markerters’ Association of Nigeria (IPMAN), Ibadan depot branch, Basorun Joseph Oyewole Akanni, disclosed this yesterday in Ibadan.

He said that the negative effect of vandalism on the pipelines, as well as high landing cost of the product being sourced from private depots in Lagos, were part of the challenges.

In a statement signed by Akanni, made available to reporters in Ibadan, IPMAN adduced reasons its members selling above the official price in the past three months, promising to reverse to the old rate immediately the identified problem areas were rectified.

The statement reads:”The Chairman of Independent Petroleum Markerters’ Association of Nigeria, Ibadan depot wishes to clear the air on the reasons why our members are selling petrol (PMS) above the government approved rate.

“For almost three months now, there was no lifting of any product from the Ibadan depot due to the activities of vandals on the pipeline; the generators at the pumping station are faulty and need to be  repaired and the landing cost of product (PMS) sourced from private depots in Lagos is above N100 per litre in  Ibadan. Outlets outside Ibadan incurred additional cost of transportation”.


– The Nation

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