“Right now, the landing cost of the PMS is N154. If you are importing at N305 to the dollar, by the time you add bank charges, it comes to N307 to the dollar. If you apply that to the current crude price, the landing cost is N154-N155. By the time you add all the margins, the pump price is about N160-N167.”
“The key issue is a price war. The marketers have made representation to the Federal Government and the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, to allow price hike of petroleum products and leave the sector to market forces,” the report noted.
NNPC assured Nigerians to remain calm and not to engage in panic buying as the end of the challenge is nigh.
Marketers are strongly advised against hoarding as security agencies, working with industry regulators, would mete out appropriate sanctions to defaulters.
Adeniran said the Corporation would always keep faith with its mandate of ensuring energy sufficiency, adding that the corporation has taken adequate measures to normalize products supply situation in the country.
The association said it is unhappy with the Federal government for not addressing its grievances as regards unfair labour practices by the management of some indigenous oil and gas companies.
“The situation in Lagos is improving and is expected to get better by Friday (today). In Abuja, the queues are expected to thin out completely by the weekend. We also expect the Kaduna area to be served by the Kaduna refinery and other reserves,” he observed.
“The council gave him a matching order that this fuel scarcity should not last beyond this weekend and they are going to work very hard to ensure that it is curtailed. He assured council that there is actually no cause for alarm.”
This was disclosed in a report obtained from the NBS website, which showed that the price of petrol increased to N146 in October from N144.5 in September 2017.
“The average price paid by consumers for PMS decreased by 1.2 per cent year-on-year and increased by 0.1 per cent month-on-month to N144.5 in September 2017 from N144.4 in August 2017.”
According to the statement, many of the oil marketing companies are owed up to nine months’ salaries while some marketers have resorted to retrenchment of workers.
