Fuel scarcity: The reason our station’s pump price is so high — IPMAN

ABUJA — Against the backdrop of continued shortages and queues at petrol stations, pump prices are now settling at higher ranges across independent marketers and some

Lagos and Abuja further demonstrate the growing disparity in costs between independent and major marketers’ filling stations; independent marketers have raised their rates by 20 to 30 percent while major marketers have kept their prices comparatively unchanged.

Independent retailers charge an average of N730 per liter, compared to major marketers’ N605 per litre.
however, also highlight extreme situations, both low and high, as some well-known marketers are selling for less than N600 per liter while others are selling for up to N900 per liter in the outskirts of large towns.

In addition, despite the fact that black market rates have reached as high as N1500 per liter, gas station owners continue to receive a sizable amount of business from the persistently long lines in the cities.

Independent petroleum marketers have suggested that the Nigeria National Petroleum Company Limited, or NNPCL, is experiencing a systems failure, explaining the situation’s seeming deterioration, while also raising the possibility of active business-to-business, or B2B, interactions among petroleum marketers that benefit the larger marketers.

Additionally, they made hints that the system failure would have given the big marketers an unfair edge because independent marketers are no longer able to directly access imported goods consignments at the depots at the designated depot pricing

All we are doing is keeping our stations open to avoid going out of business and having to fire our employees. It is imperative that you comprehend that supply and demand dictate prices. Since there is currently more demand than there is supply, prices will inevitably rise, he continued.

The Chairman of IPMAN Aba Depot, Maxi Oliver Okolo, also discussed the reason behind the higher pump pricing at IPMAN-operated stations, stating that independent marketers were loading at N800 per litre from privately held depots.

Since we are unable to sell for less than that, we have requested that the government step in and make sure that we too obtain our goods directly from NNPC depots. We can only compete and continue to make money in that way.
“A lot of our members have closed their doors and let go of their employees due to our inability to survive the challenging business

The Chairman of IPMAN Aba Depot, Maxi Oliver Okolo, also discussed the reason behind the higher pump pricing at IPMAN-operated stations, stating that independent marketers were loading at N800 per litre from privately held depots.

Since we are unable to sell for less than that, we have requested that the government step in and make sure that we too obtain our goods directly from NNPC depots. We can only compete and continue to make money in that way.
“A lot of our members have closed their doors and let go of their employees due to our inability to survive the challenging business

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