Petrol now sells for N142 per litre in depots

> There are indications of imminent petrol scarcity in Nigeria

> This is because some depot owners have jerked the ex-depot price to N142 per litre, against government’s approved N123.28 –N133.28 per litre

> This is against the recent pledge by oil marketers to support the federal government to ensure petrol is sold at N145 per litre to Nigerians

A report by Thisday indicates there is an imminent petrol scarcity in Nigeria as some depot owners have jerked the ex-depot price to N142 per litre, against government’s approved N123.28 –N133.28 per litre.

Petroleum minister, Dr Ibe Kachikwu

This is coming after a recent meeting with the Chief of Staff to the President, Mallam Abba Kyari where the oil marketers pledged to support the federal government’s efforts in ensuring sustained and stable supply of petrol at the official pump price of N145 per litre.

The marketers had restated their commitment to the N145 pump price and also pledged to ensure significant reduction in the price of diesel.

But the report revealed that only six members of the Major Oil Marketers Association of Nigeria (MOMAN) – Forte Oil, Total, Mobil, Conoil, MRS and Oando- are loading petrol at government’s approved ex-depot price.

It was, however, gathered that the MOMAN members do not sell the product to other marketers but only to their own dealers and retail outlets.

Majority of the independent marketers and depot owners sell above the official ex-depot price range, thus making it impossible for the retail outlets to sell at N145 per litre and break even.

Investigation further revealed that the ex-depot price in most of the depots ranges between N136, 139, 140 and N142 per litre.

Some of the marketers, who spoke on condition of anonymity said that N145 per litre pump price was no longer sustainable as a result of the hike in ex-depot price.

“By the time you pay the union fees, which amount to over 50 kobo per litre; you pay the driver, cost of diesel for fuel, plus the extortion by security agents, you will end up at a huge loss,” a marketer said.

Meanwhile, a United States multinational company, General Electric (GE) is proposing investments in Nigeria’s three refineries located in Port Harcourt, Warri and Kaduna.

The company's executives made this known via a presentation to the Nigerian National Petroleum Corporation (NNPC) recently.