Sunday, March 3, 2024

Substantial compliance greets reduction of fuel price

There has been a mixed grill in compliance with the directive by the federal government for petrol stations in Nigeria to reduce the pump price of the Premium Motor Spirit, PMS {petrol} from N145 per litre to N125 Naira per litre.

Reports from across the nation indicate substantial compliance in urban centers, especially Abuja and Lagos.

In many parts of the country, private fuel marketers are yet to reduce the pump price while retail stations belonging to the Nigerian National Petroleum Corporation have started selling at N125 per litre.

Signaturetv.org correspondent, Damilola Abudu, who went round Abuja and its environs, reports that many of the petrol stations have adjusted their pumps to reflect the new price of N125 per litre.

According to her, A.A. Rano, Dan Oil, A.Y. M. Shafa along the Murtala Mohammed Express Way, Abuja, generally referred to as the Abuja-Kaduna-Zaria Express Way as well all the NNPC petrol Stations in Abuja have all reflected the new pump price of N125 per litre.

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However, some petrol stations in the outskirts of Abuja, notably Nyanya, Kubwa, Karu, Jikwoyi, Bwari, Gwagwalada, Kuje,  Kwali and Abaji are yet to adhere to the directive to sell the PMS at N125 per litre.

Reports from other parts of the country indicate substantial compliance to the federal government directive for petrol stations to adjust their pump price to reflect the new price.

”Many Stations in Enugu, Anambra, Imo, Ebonyi Abia states in the South East are yet to sell at N125 per litre. Except for the NNPC mega stations which complied to the order by the government,” John Onyisi, a transporter in Enugu.

In the same vein, many of the petrol stations in the North East and North Central are yet to adjust their metres to reflect the new directive by the government. Our correspondent who went to the Jabi motor park in Abuja said some of the long-distance drivers from the north complained of non-adherence by some oil marketers.

”I came from Gombe and all the petrol stations along the route to Abuja are still selling at N145 per litre. Except for some of the NNPC stations, most of which had long queues,” Adamu, a commercial vehicle driver said.

Several filling stations including Oando, Mobil and Capital Oil and Gas on the Lagos-Ibadan Expressway as well as Total at Ikosi-Ketu, on Thursday morning were selling at N145 per litre of petrol.

Some of the independent marketers who spoke on condition of anonymity expressed dismay over the sudden change in price by the government.

“What we are asking the government is who is going to pay us between the old price and the new price on our old stock? And without them verifying our old stock and telling us what they will pay us and when they will pay us, we will not load,” a top official of one of the fuel marketers’ associations,” queried.

He said marketers would continue to sell the product at the old rate pending when the issues would be resolved.

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“Marketers are holding their strategy session. We will have a common front. The GMD (of NNPC) has invited us for a stakeholders’ meeting, which should have been done before the announcement of the new price. By the end of today, we will have a clearer picture of how they are going to involve us,” he added.

The Federal Government had noted on Wednesday that the drop in crude oil prices had lowered the expected open market price of imported petrol below the official pump price of N145 per litre.

“Therefore, Mr President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices,” the Minister of State for Petroleum Resources, Chief Timipre Sylva, said in a statement.

He said the Petroleum Products Pricing Regulatory Agency would subsequently issue a monthly guide to the NNPC and marketers on the appropriate pricing regime.

The NNPC, on Wednesday, directed all its retail station to change the retail pump price to N125 per litre from N145.

The Group Managing Director, NNPC, Mallam Mele Kyari, said the corporation had reviewed its ex-coastal, ex-depot and NNPC retail pump prices in compliance with the directives of the Minister of State for Petroleum Resources, Chief Timipre Sylva, on the pricing of PMS.

“Effective March 19, 2020, NNPC ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price is reduced from N133.28/litre to N113.28/litre.

These reductions will, therefore, translate to N125/litre retail pump price. Despite the obvious cost implication of this immediate adjustment to the corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians,” he said.

Signaturetv.org/DS

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Signature TV is a multi-media company, owners and operators of signaturetv.org and producers of The Signature Show on AIT and Corruption Tori. Our programmes are broadcast on the AIT Network and on Seven NTA stations across the country. We are content providers for a number of television networks and some State TV stations, with a respected 24/7, high online and offline followership. We are also Communications/Media Consultants to MacArthur Foundation, Ford Foundation and OSIWA.

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