Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has directed its members to sell Premium Motor Spirit at N162 and N165 per litre, following the arbitrary increase in the depot price of fuel by the Federal Government.
PETROAN Chairman in Rivers State, Emmanuel Inimgba, in a telephone chat with our correspondent, lamented that the deregulation of the petroleum downstream was becoming a problem.
Inimgba said his members are left with no other option than to dispense the product at a price of N162 at lower band and N165 at upper band, following the increase in the depot loading price of PMS, which placed a new price regime of the product at N151.56kobo.
He explained that since the federal government has decided and puts the price of the product at N151. 56k, PETROAN has no option than to sell at N162 and N165 to be able to meet up with the overhead cost.
“The previous ex-depot price of N138 and some Kobo was increased to N151.56k, which is a difference of over N12, so in translating it to the pump price, we have directed our members that they should sell a lower band of N162 and a upper band of N165 per litre.
“Suffice it to say that the over N12 that was added by PPMC has brought the pump price of fuel to N164.46k per litre.
“The government polices are quite harsh and it is something that the common man can no longer cope with. We as marketers are the one’s that deals directly with the public and most times, when there is arbitrary increase in the price of petroleum products, we bear the brunt.
“Yes, our members are selling at N162 and N165 per litre, it is what the government gives that determines our price, so far, we need a resolution on this issue because we cannot continue this way. Price of goods have gone up.”