Nairametrics| There are strong indications that the long queues Nigerians have learnt to forget may soon reappear. According to reports, oil marketers have increased the ex-depot price from the government’s approved N123.28 –N133.28 per liter ex-depot price band to N142 per liter. This has made it very difficult for the retail outlets to sell fuel at the N145 per liter stipulated by the government.
“By the time you pay the union fees, which amount to over 50 kobo per litre; you pay the driver, cost of diesel for fuel, plus the extortion by security agents, you will end up at a huge loss,” said one of the marketers.
ThisDay reports that only six members of the Major Oil Marketers Association of Nigeria (MOMAN) – Forte Oil, Total, Mobil, Conoil, MRS and Oando- are loading petrol at government’s approved ex-depot price, while most sell to their retail outlets and distributors only.
In addition, virtually all the product in the private depots is sourced from the Nigerian National Petroleum Corporation (NNPC) as Total Nigeria Plc is the only private marketer known to have imported petrol in the past two weeks.
In response to the hike in ex-depot price, the South West Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the weekend threatened to stop lifting petrol from the depots, which would lead to scarcity in the region if not quickly reversed.
This is coming despite the recent meeting of the downstream players convened at the instance of the Presidency, where oil marketers promised to support the federal government’s efforts in ensuring sustained and stable supply of petrol at the official pump price of N145 per liter.
Chacha Wabara is a legal practitioner, blogger and fitness coach. She has over 5 years experience is blogging and freelance writing. She has written several articles and research work over the years as a freelance contributor. She joins the Nairametrics team as our Lead News Editor and Content curator.