– IPMAN attributes price hike on landing cost
Mkpoikana Udoma
Port Harcourt — Premium motor spirit, otherwise known as petrol, is now being sold between N350 and N500 per litre in most filling stations across Port Harcourt, the Rivers State capital.
Checks by our correspondent shows that most filling stations along Ada George, Iwofe and Diobu area of Port Harcourt sell at N350 and N450 per litre, petrol stations in Abuloma, Woji, Elelenwo and parts of Aba Road are dispensing between N450 and N500 per litre.
The situation has led to a hike in transport fare within the city, as a distance hitherto charged N50 is now N100 and N100 distance is now N200.
Reacting on the development, the Chairman of Independent Petroleum Marketers Association of Nigeria, attributed the hike in fuel price on the landing cost of PMS in the country.
Chairman of IPMAN in Rivers State, Dr Joseph Obele, said the landing cost of PMS was currently over N500 per litre and it was unsustainable for the government to keep subsidizing the product for Nigerians at N165 per litre.
Obele, however, expressed optimism that the Port Harcourt refinery which is under rehabilitation will come on stream in the first quarter of this year to ameliorate the situation.
“There is no uniform buying source for us marketers. Some of us (markerters)’are buying from Lagos, and depot price ranges from 280 to 310 per litre. The only depot that was selling in Rivers State has ran out of stock, it’s quite unfortunate that Nigerians are made to experience this.
“But the good news is that the Port Harcourt refinery which us under rehabilitation will be coming up in the first quarter of this year 2023. Until then, what we are experiencing will continue because the federal government cannot be buying fuel at over N500 per litre in the international market and dispense to Nigerians at N165.
“Recall that in the 2023 budget provision for fuel subsidy is 50percent which means that by June, fuel subsidy payment will be shutdown totally.”
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