- Private deport owners have been accused of hiking the price of Premium Motor Spirit (PMS) in the country
- The allegation was raised by the Independent Petroleum Marketers Association of Nigeria (IPMAN)
- It said private depots hiked the petrol price from N148/liter to N157/litre which is discouraging IPMAN members
There are possibilities that there will be scarcity of Premium Motor Spirit (PMS) or petrol. This is said to be as a result of the attitude of private depot owners who have increased the wholesale price of the commodity.
The alarm was raised by the Independent Petroleum Marketers Association of Nigeria (IPMAN), Daily Trust reports.
According to the national vice president of IPMAN, Alhaji Abubakar Maigandi, there is a N9 per litre increase which is about 6.08 percent and it is causing a gradual withdrawal of sales at filling stations.
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Maigandi said private depots hiked the petrol price from N148/liter to N157/litre, which is discouraging IPMAN members from buying or lifting the products from private depots.
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Just recently, the IPMAN Kano chapter warned of an imminent fuel crisis due to a price hike. The IPMAN chairman Kano chapter, Alhaji Bashir Danmallam, in a statement said some of the private depot owners had increased the price of the commodity from N148 per litre to between N153 and N155 per litre.
“We are equally calling on the Management of the Nigerian National Petroleum Corporation (NNPC) to investigate the issue as some of the private depot owners have since Friday last week increased the price from N148 per litre to between N153 and N155 per litre. We know it’s only the federal government that imports fuel into the country."
NNPC: Report Reveals Billions of Naira Petrol Subsidy Gulped in 7 Months
Legit.ng had earlier reported that petrol subsidy payments gulped N714 billion in the last seven months, shrinking monthly revenue accrued to the federation account.
The report explained that the subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.
The report also provided a month on month breakdown of all the payments made to oil marketers from January to September.
Federal government reveals date for fuel subsidy removal as World Bank condemn continuous funding
In another report, Nigeria has been likened to a malnourished individual needing urgent treatment over continuous funding of fuel subsidy.
The analogy was made by World Bank Country Director for Nigeria, Shubham Chaudhuri as he also expressed surprise that Nigeria is spending so much on fuel subsidy amid scarce revenue.
Chaudhuri called for some critical decisions to be made now for the country to realise its potential and projected that by December, the money on petrol subsidy would have gobble up N2.9 trillion this year.