*Fuel marketers, under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria, assure consumers the members will intensify effort at preventing the activities of oil dealers trying to profiteer by selling petrol at exorbitant rates

Isola Moses | 绿帽献妻

In regard to the current relative fuel scarcity in the economy and the need to protect consumers from product price racketeers, oil marketers have established and deployed a task force to check and sanction filling stations selling Premium Motor Spirit, otherwise referred to as petrol at exorbitant prices.

It was learnt the fuel dealers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria, had taken the decision, following reports that some filling stations were dispensing petrol above N300/litre.

This is far higher than the price the Federal Government has approved for the petroleum product.

Earlier, filling stations operated by major marketers and the Nigerian National Petroleum Company Limited (NNPCL) were selling petrol between N194 and N200/litre, while other outlets operated by independent marketers dispensed the product between N250 and N340/litre, according to report.

绿帽献妻 reports the Federal Government has restated no approval for an increase in the pump price of petrol, and that petrol should not be dispensed above the approved rate in the West African country.

No approval for fuel price hike -Minister

Affirming the government’s extant position on reported fuel price hike in the economy, H.E. Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources, was quoted to have said: 鈥淕overnment will not approve any increase of PMS (price) secretly without due consultations with the relevant stakeholders.

鈥淭he President has not directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority or any agency for that matter to increase the price of fuel.

“This is not the time for any increase in the pump price of PMS.”

In respect of the high cost of petrol, particularly outside Abuja and Lagos, Wednesday, March 1, 2023, Billy Gillis-Harry, President of PETROAN, said the Association had deployed a task force to check the menace.

Sylva said: 鈥淲e frown at anybody selling so much above the price of what should be adequate.

“If they accessed the product at a high rate, then we would not sanction them.”

Gillis-Harry also said: 鈥淏ut if they accessed the product from NNPCL and sell it at exorbitant rates of N220, N250, we will sanction you. It is getting very punitive.

“So, our task force now goes around and when we get them we invoke the powers of the NMDPRA over them.鈥�

He further noted the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is the Federal Government鈥檚 agency responsible for regulating the midstream and downstream oil sectors.

鈥淏y the time they (defaulters) go and settle all their fines, they will know that it is not worth selling at exorbitant prices with the intention to profiteer.

鈥淭hat is what we are doing right now and I think Nigerians should be appreciative of PETROAN as regards this development,” stated Gilly-Harry.

He explained that marketers who accessed the petroleum product from NNPCL should not dispense the commodity above N200/litre.

According to him, it is currently tough to get PMS from NNPCL.

The PETROAN Chief said: 鈥淚f you bought from NNPCL, you must be duty-bound to sell at a maximum of N200/litre, because NNPC sells at a maximum of N194/litre. “So for some independent marketers, it is just N6 more, but the truth is that we are not seeing the product.”

He also clarified that “some of us who paid for products since October, have not been able to load till now, and the cost around this is increasing every day.

“So, by the time they load it, you can imagine the cost burden on the marketers.”

The oil marketers鈥� President, however, assured Nigerian consumers that PETROAN would work hard to curtail the activities of dealers who try to profiteer by dispensing petrol at exorbitant rates.

Effort at exposing private depot owners engaging in oil price racketeering

In a related development, Nigerian oil marketers have threatened to name and expose private depot owners refusing to comply with the Federal Government鈥檚 directive to sell products at a regulated price of N172 per litre.

Mike Osatuyi, National Controller Operations of the Independent Petroleum Marketers Association of Nigeria (IPMAN), disclosed the affected defaulters would be exposed after the 2023 General Elections in the West African country.

Osatuyi, however, said apart from Emadeb, who has been selling to IPMAN members at N172/litre, other depot owners currently sell above N200/litre in the Nigerian economy.

Akin Akinrinade, Chairman of Satellite Depot, also confirmed the price discrepancies to the newspaper Tuesday, February 28, and said: 鈥淚t is only Emadeb that currently sells to us at N172 per litre.

“We are going to start naming all of them that refused to sell to us at the government-regulated price one by one after the elections.

“IPMAN members can鈥檛 bear the brunt of price differences.鈥�

IPMAN with over 30,000 members currently controls about 80 percent percent of petrol distribution across the country, report said.

NNPCL data as well indicated that Nigerians consumes between 60 and 66 million litres of petrol per day.

Only NNPCL depots at Satellite and Ejigbo sell to his members at N172/litre, said Akinrinade.

He stated: 鈥淭hings are moving fine now because there are products.

“Our members have continued to load, however, only NNPCL depots at Satellite and Ejigbo sell to us at N172 per litre. Private depots sell above N200 per litre.” he added.

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