By Obas Esiedesa, Abuja ABUJA — Consumers have expressed concern over the continued volatility in petrol prices across the country, calling on the Federal Government to intervene and ensure stability in the downstream petroleum sector. Checks by Vanguard on Sunday showed that retail outlets in the Federal Capital Territory, FCT, had again increased their pump […] The post Consumers groan as petrol prices climb above N1,300/litre — Marketers raise rates thrice in one week appeared first on Vangua
By Obas Esiedesa, Abuja
ABUJA — Consumers have expressed concern over the continued volatility in petrol prices across the country, calling on the Federal Government to intervene and ensure stability in the downstream petroleum sector.
Checks by Vanguard on Sunday showed that retail outlets in the Federal Capital Territory, FCT, had again increased their pump prices by between N60 and N75 per litre, following similar adjustments by Dangote Refinery and other depot owners.
In Abuja, MRS, a Dangote Refinery partner station, raised its pump price from N1,250 to N1,310 per litre. The product sold for N1,230 per litre a week ago.
Similarly, AYM Shafa and AA Rano increased their prices from N1,270 to N1,320 per litre, representing a N70 increase from the N1,250 charged a week ago.
Adova Plc, AP, also raised its price to N1,347 per litre from N1,275. It was sold for N1,255 per litre a week ago.
Speaking to Vanguard at the AYM Shafa station in Karu, a motorist, Joachim Musa, said the frequent price adjustments were making it increasingly difficult for consumers to plan their daily expenses.
“I was here yesterday and the price was N1,270 and today it is N1,320 per litre. Last week it was N1,250. It is impossible to know how much petrol costs until you arrive at the station. I don’t think it is right.
“At times, the stations change prices twice in one day. I know there is no more subsidy, but that should not mean prices should change every day. The government should intervene and ensure price stability. It is no longer funny at all,” Musa said.
Also speaking at the station, Shuaibu Muhammad blamed the government for the price instability in the sector, saying there appeared to be little oversight of the downstream petroleum industry.
“Who is checking what the filling stations are doing? We have been left at the mercy of the petrol station owners. I was talking with the pump attendant before you came and she said it was changed this morning.
“The government needs to do more to protect consumers from unnecessary extortion. Even Dangote Refinery should be monitored to ensure that we get the price right,” he said.
The latest pump price increases came barely 24 hours after Dangote Refinery raised its gantry price from N1,200 to N1,265 per litre. The refinery had sold the product to marketers at N1,185 per litre a week earlier.
The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, said marketers had contended with frequent gantry price adjustments over the past week.
“Every time Dangote increases his price, our price will also rise,” he said, adding that independent marketers were being forced to adjust their pump prices because they could not continue selling at a loss.
Ukadike said the volatility was making it difficult for marketers and consumers to plan, noting that the cost of replacing products could change significantly within a short period.
He attributed fluctuations in petrol prices to several factors, including international crude oil prices and movements in the foreign exchange market, as well as geopolitical developments affecting global oil supplies.
The IPMAN spokesperson said petrol price volatility was particularly significant because petroleum products influence transportation costs and the wider prices of goods and services in Nigeria.
He, however, expressed optimism that Dangote Refinery’s free transportation initiative for marketers could help ease distribution challenges and ultimately reduce prices if sustained.
According to him, some trucks carrying products under the scheme had yet to arrive because of poor road conditions, while more marketers were enrolling in the programme.
He said the inclusion of Imo and Anambra states in the initiative would also expand access to Dangote’s products, describing the two states as important gateway markets in the South-East.
Ukadike said increased access to locally refined products would intensify competition and reduce pressure on marketers facing transportation challenges and funds tied up in depots.
On the continued importation of petrol by some major marketers despite increased local refining capacity, Ukadike said imports could support deregulation and competition but questioned the rationale for importing products at prices higher than locally refined petrol.
“When the products that are being imported are higher than the ones Dangote is giving us, what is the essence of importing it, putting pressure on our dollar?” he asked.
He called for greater support for local refining, including increased access to crude oil for domestic refineries, arguing that stronger local production could eventually enable Nigeria to export refined petroleum products.
The post Consumers groan as petrol prices climb above N1,300/litre — Marketers raise rates thrice in one week appeared first on Vanguard News.
