Petrol Price: Oil Marketers Deny Reduction Of Product Price

Oil marketers and other operators in the downstream sector have denied claims that the pump price of petrol at depot facilities has been adjusted downwards.

Naija News gathered that petroleum outlets are still selling at the prevailing market prices and major petroleum depots are still dispensing at the normal prices across the country.

Speaking with Leadership, a source close to depot owners said any downward price adjustment would not happen now as the exchange rate is still fluctuating.

He added that the cost of hiring vessels to move products to Depot facilities is still within $70,000 to $80,000 a day, adding that the cost of freight and port charges are still paid in dollars

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, told the newspaper that no such adjustment has taken place.

“I have placed an order for products and no one has said there is an adjustment and my association is still buying at old prices” he said.

Also, the Independent Petroleum Marketers Association of Nigeria (IPMAN) treasurer, Chinedu Okoronkwo, also denied the speculations, saying prices are the same for now.

A source in the Major Energy Marketers Association of Nigeria (MEMAN) also denied the speculations while speaking with the news outlet.

The source said there could be an arrangement between Independent Marketers and the Nigerian National Petroleum Company Limited, where products are sourced directly by the marketers which might lead to such adjustment.

The source said that the business model for MEMAN is that they own depots and outlets and move products from their facilities to dispensing outlets which makes prices stable.