The Federal Government of Nigeria has emphasized that the pump price of petrol remains at N165. During a meeting with the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Company Ltd., and the Pipelines and Product Marketing company in Lagos, FG revealed that the country currently has over 2 million liters in its reserve.
The development comes in reaction to the directive issued by the Independent Petroleum Marketers Association of Nigeria (IPMAN) to its members to peg pump price to N180 per liter. In its defense, IPMAN revealed that some private depot had increased their selling price. Therefore forcing the association and its members to inflate the price to ensure continual profit.
Furthermore, the Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) Ugbugo Ukoha beseeched marketers to desist from inflating the price. He illustrated how the war ongoing in Ukraine has affected the price of diesel. Ukoha further explains that most depots often use it to move PMS from their reserve to the selling point.
Additionally, Ukoha revealed how his association intervened and ensure that it help marketers reduce costs. He urged marketers to stick by the stipulation of the FG and maintain the price. Also, Ukoha explained how stakeholders in the industry are working to ensure they close up the lapses that led to fuel scarcity.
Lastly, FG confirmed that Nigeria’s reserve for Petrol currently has 2 million liters. It maintained that the reserve is sufficient enough to serve the country for at least a month. The federal government also urged Nigerians to desist from panic buy to avoid exploitation by mischievous stations.
