Depots sell petrol to marketers above official price

02 December 2015, Lagos – Nigerians may face a bleak Yuletide as indications have emerged that the current scarcity of petrol across the country may spill into the New Year unless an urgent solution is found to the lingering problem.

Petroleum products depot.

Petroleum products depot

Our correspondent gathered on Tuesday that petroleum product depots were selling Premium Motor Spirit, otherwise called petrol, to marketers above the ex-depot price of N77.66 per litre.

 This is despite a recent warning by the Ministry of Petroleum Resources through the Nigerian National Petroleum Corporation that marketers whose retail outlets sell above the regulated pump price of N87 per litre would be sanctioned accordingly with their products given to consumers for free.

One of the marketers said, “Product loaded at the regulated N77.66 is later being traded at up to N110 to third parties who later sell at N120 in some filling stations in the South and N114 in the North.”

Findings by our correspondent showed that even the marketers who were getting PMS supply from the Pipelines and Product Marketing Company at the official ex-depot price were selling the product at exorbitant prices to truck owners and filling stations, who then sell above N100 per litre to consumers.

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