PMS: Fuel stations ignore N165 regulated price

 Amidst the lingering fuel scarcity in the country, fuel stations in Abuja have begun selling petrol at prices above the government-regulated price of N165. 

How much are they selling it? 

According to a PREMIUM TIMES report, some fuel stations in the FCT are selling for as high as N190. “At Danmarna Petrol Limited, Police Sign Board junction, Lugbe, and Eyis Global Ltd, Opp Dunamis Church, Airport Road, Lugbe, the product were sold for N185 per liter”, the report said, adding that an attendant at one of the stations noted that the price was increased last Friday. 

Any words from the government? 

The government insists that there’s enough supply of fuel, but marketers argue that it is difficult to sell at the approved rate due to several factors, the chief among which is logistics. The president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, according to PREMIUM TIMES, noted that while marketers were not selling at a loss, logistics cost had significantly reduced their margin. 

Minister of State for Petroleum, Timipre Sylva, had stated last week that marketers were being paid extra freight claims [to ease logistics cost], but they were asking for more. The spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Kimchi Apollo, said he was unaware of the increased rates, and promised to look into it