Marketers increase price of fuel

Marketers of premium motor spirit popularly known as petrol are reportedly setting pump prices at higher rates nationwide.

According to Legit, findings in Abuja and Lagos indicate that petrol prices in petrol stations owned by major marketers and independent marketers have a wide margin.

Major marketers maintain relatively stable prices, while independent operators have adjusted their prices upwards by 20 to 30%.

Major marketers now sell at an average of ₦605 per litre, while independent marketers peg their prices at an average of ₦730 per litre.

Independent marketers blamed the hike in price on a system breakdown in the Nigerian National Petroleum Company Limited (NNPCL), hinting at robust Business-to-Business transactions among the marketers favouring the major marketers.

They explained that the independent marketers no longer have direct access to imported petroleum products at the depots at the stipulated price.

Further findings show that petrol stations across Lagos now have the product but are yet to reduce the prices.

A motorist who identified himself as Olatunde told the aforementioned publication that the product is available but that the stations still sell at higher costs.

“As of this morning, I bought petrol at N850 per litre at one of the stations along the Iju-Ishaga area of Lagos. There are no queues but the cost is still high compared to the N630 per litre they previously sold the product,” he said.