Federal Government Set To Shut Down Filling Stations Selling Fuel Above N600 Per Liter. Read More....

 

As nigerians raised concerns about the high cost of petrol by independent marketers, federal government has vowed to shut down any filling station selling fuel above N600.

It declared this through the midstream and downstream  petroleum regulatory authority, saying it was not in the interest of Nigerians for marketers to profiteer in the sales of PMS.

Many filling Stations operated by the independent marketers have now fixed the pump price of premium motor spirit, popularly know as petrol, at between N900 and N1000/litre. Owners of these filling stations seems not to care about the cost of the product at retail outlet operated by the Nigeria National Petroleum Company.  Petrol prices at NNPC Stations ranges from N568 to N617/litre. This often lead to queues at the stations.

But the NMDPR officials have noted that there was no way the agency could reconcile the high cost of petrol sold by the independent marketers, thereby warning marketers involved in the profiteering to desist from act while stressing that the agency would not fold its hands to allow operators cheat Nigerians. 

"Once we get these outlets, we are going to shut them down. NNPC tells us how much they sell and there is no way the pump price should be that high. We dont expect to be higher than N650/litre, "NMDPRA spokesperson declared. 

Due to the low supply from NNPC, private depot owner are said to have hiked the price of petrol as high as N850/litre. The depots sell to independent marketers, who could not get products directly from the NNPC at N570/litre like the major marketers.

In return, the independent marketers sell a litre of petrol to motorists and other  Nigerians at prices ranging from N850 to N900 or even N1000 in some obscure areas.

However, the few major marketers that dispensed petrol, sold the product for N700 per litre. Many filling Stations within the metropolis did not open to customers, as commercial intra-city buses increased their fares by 50% due to high cost of fuel.

Following the negative development, black market as it is popularly called as returned to full business and are cashing out well. Petrol at the black market rate are sold for N1200 to N1300/litre.