Port Harcourt — The Independent Petroleum Marketers Association of Nigeria, IPMAN, has disclosed that the official ex-depot price of petrol is now N180 per litre as against the previous N148 per litre under the new price regime introduced by the Federal Government.
The new regime, which took effect from February 6, increased the pump price of petrol to N195 per litre, according to a directive by the Nigerian National Petroleum Company Limited that the product should not be sold above N195 per litre.
The Minister of State for Petroleum Resources, Timipre Sylva, similarly, during a tour of selected petroleum dispensing outlets in Lagos last weekend, announced that all petrol retail outlets across the country were expected to sell petrol at the regulated price of N195 per litre.
IPMAN, in its response to the price increase, through its Chairman in Rivers State, Dr Joseph Obele, said it had earlier hinted on the impending increase in the pump price of petrol by the government, but the Minister of State for Petroleum Resources had denied any plans by the government to increase the price.
Obele disclosed that even though the official ex-depot price is now N180 per litre, according to the new price regime, depot operators were still selling the product above the approved price.
He said: “The new price regime is now confirmed by the Federal government asking marketers to sell at N195 as against the previous N165. By this, marketers are vindicated when we said our online portal has changed for upward price review and Minister of State for Petroleum said there was nothing like upward review.
“He lied to Nigerians.
“Our new buying rate is now officially N180 as against N148. Our new selling rate is now N195. It will interest you to know that we are buying for N350 from private depots as at today.
“The mandate to sell products at N195 will be futile because depots are selling far above the amount government is asking us to sell.”
Obele, who is also the governorship candidate of the African Action Congress, AAC, in Rivers State in the March 11 election, expressed optimism that the Port Harcourt refinery will come on stream by the end of the first quarter of 2023 as promised by the government.
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