A Review of the Nigerian Energy Industry

Marketers still sell petrol above official pump prices

23 June 2015, Lagos – Despite the improved supply of petrol after the suspension of the strike action embarked upon on May 18, 2015 by the Petroleum Tanker Drivers’ (PTD) sector of the Nigerian Union of Petroleum and Natural Gas workers (NUPENG), with support of the National Association of Road Transport Owners (NARTO), the marketers are yet to sell at the official ex-depot and pump prices.

Fuel scarcityIt was gathered at the weekend that while most of the major and independent marketers were selling at the pump price of N100 and above, against the government-approved pump price of N87 per litre, the depot owners were selling for N83 and above, compared to the N77.60 per litre approved by the government.
AR-Raqueeb Oil and Gas, located on College Road Ogba, was selling PMS at N130 per litre when THISDAY visited.

A weekend market survey conducted by THISDAY at the various depots in Lagos showed that the least ex-depot price was N83 per litre at Dee Jones, while the highest price among the independent marketers was N85 at Heyden Petroleum on Friday.

Investigation revealed that Heyden had sold at N85.50 on Wednesday before reducing it to N85 on Thursday and Friday.

Integrated Oil and Gas Limited, which sold for N82 to bulk buyers and N82.50 to dealers on Wednesday did not have product on Thursday and Friday.

According to the survey, MRS Oil (independent marketer) was selling at N83.50 to dealers on Friday, after it had sold at the same price on Wednesday and Thursday.

Ascon was selling petrol for N83.50 per litre at the depot to bulk buyers and N84 to their dealers. It was also gathered that Sahara and were selling at N84.50, while Gulf Treasure, AA Rano, and NIPCO Plc were selling at N84 per litre

Capital Oil and Folawiyo loaded petrol for only NNPC mega filling stations on Wednesday and Thursday.
While Index Petroleum sold only kerosene on Friday, AZ, Euroafric, Honeywell, and EMMADEP, which built a depot recently in Satellite area did not have product.

Other marketers, which did not have petrol on Friday, include Rahamaniya, Eterna Oil, Lister and Hensmor, which trucked out only kerosene.

All the major marketers – Forte Oil, Conoil, Mobil, Oando, MRS, and Total, as well as the NNPC were selling at ex-depot price of N87, which is the same price the marketers are expected to sell the product at the filling stations.

It was however, learnt that the major marketers give a special discount to their dealers to enable them sell at the same N87 per litre at the stations.
But like the independent marketers, the major marketers also sell above the N87 official pump price at the filling stations.

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