Traders raise the price of gasoline to N170

CAN urges federal government to reverse gasoline and electricity prices

Gasoline merchants started adjusting gasoline pump costs amid provide shortages confronted by personal deposits in Apapa.

Our correspondent famous that some gasoline stations within the states of Lagos and Ogun raised the worth of gasoline on the pump to N170 per liter on Tuesday from N162 per liter.

Among the stations had been Capital Oil and Gasoline, Fatgbems and Amo Oil, all alongside the Lagos-Ibadan expressway. One other station, Enyo Retail, adjusted its pump value to N165 per liter of N162.

The Nationwide Controller of Operations, Unbiased Affiliation of Petroleum Merchants of Nigeria, Mr. Mike Osatuyi, advised our correspondent that members of his affiliation needed to improve the worth of the pump as a result of they purchased the product on N160-N161 from the house owners of the deposit.

It was reported final Thursday that IPMAN members stopped loading oil merchandise in personal deposits in Apapa on Wednesday, in addition to within the Ibadan, Ejigbo and Mosimi deposits owned by the Nigerian Nationwide Petroleum Company.

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They picketed the power to protest their lack of ability to acquire merchandise on account of a brand new cost methodology launched by Petroleum Merchandise Advertising and marketing Firm, a subsidiary of NNPC.

“My members shopping for from DAPPMAN members are shopping for on the N160-N161, they usually should add their delivery prices to it. So, at what value would you like them to promote? Even that N170 remains to be very low-cost, ”mentioned Osatuyi on Tuesday.

He mentioned PPMC had instructed retailers to register for the brand new cost methodology, referred to as ‘PPMC Buyer Categorical’, earlier than they might purchase merchandise from him.

“Proper now, PPMC mentioned that the ATP (Authority to Pay) period is over. Which means that cost have to be made on-line. So, my members at the moment are within the strategy of doing this, and with out doing that, we can’t increase merchandise, ”he added.

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NNPC, which has been the one oil importer within the nation in recent times, remains to be counted on by deposits and merchants to provide the product, regardless of the downstream oil sector deregulation.

Our correspondent additionally concluded that many personal deposits in Apapa, Lagos, from the place many merchants get hold of petroleum merchandise for distribution to different states, had been working out of gasoline on account of an absence of provide.

When contacted, the Group’s Normal Supervisor, Public Affairs Division of the Company Group, Dr. Kennie Obateru, advised our correspondent that there was no scarcity of gasoline provides from the NNPC.

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He mentioned: “We have now 1.7 billion liters of the product so far, which is able to give us a sufficiency of about 40 days. Much more ships are on this system.

“And we do not improve our ex-deposit value; though we all know that a few of them (entrepreneurs) are type of slowing down as a result of they count on us to react to the rise within the value of crude oil. However, for now, we did not try this. “

One of many largest personal deposits advised merchants to cease paying for gasoline on account of an absence of provide and uncertainty about when to get the product.

A senior official at a Lagos-based oil advertising firm advised our correspondent, on situation of anonymity, that there had been irregular provide of gasoline to personal deposits in Apapa since final week.

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