Marketers Raise Petrol Price to N170, Depot Suffers Shortage

Fuel marketers have started adjusting their petrol pump prices amidst the supply shortage private depots are currently facing in Apapa.

It was observed that some filling stations in Lagos and Ogun states increased the pump price of petrol to N170 per litre on Tuesday from N162 per litre.

Some of the fuel stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre from N162.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi stated that members of his association had to increase the pump price because they bought the product at N160-N161 from depot owners.

It was alleged that IPMAN members disturbed loading of petroleum products at private depots in Apapa on Wednesday as well as Ibadan, Ejigbo and Mosimi depots belonging to the Nigerian National Petroleum Corporation.

The NNPC, which has been the sole importer of petrol into the country in recent years, is still being relied upon by depots and marketers for the supply of the product despite the deregulation of the downstream petroleum sector.