Pump Price of Petrol now N170 after One-Week Scarcity

After a weeklong petrol scarcity, filling stations in Lagos and Ogun States have now increased the pump price of petrol to N170 per litre from N162.

Reports say the increase is as a result of the supply shortage facing private depots in Apapa.

Most stations along the Lagos – Ibadan Expressway have adjusted their metre prices accordingly.

Punch Newspaper quotes the National Operation Controller, Independent Marketers Association of Nigeria (IPMAN), Mr Mike Osatuyi as saying that members of his association were forced to increase the pump price due to market forces.

He adds that they buy the product at between N160 and N161, factor in transport costs and still try to make some profit.

According to Osatuyi, “My members buying from DAPPMAN are buying at N160 – N161, and they will have to add their transportation costs to it.

“So, at what prices do you want them to sell ? Even that N170 is still very cheap.”

He added that the PPMC had advised marketers to register under the new payment method known as ‘PPMC Customer Express’ before they can buy the petrol from it.

“Right now, PPMC has said that the era of ATP (Athauity to Pay) has gone. It means that payment has to be mad online.

“So, my members are now in the process of doing that and without doing it, we cannot lift products.”

Due to the new payment method introduced by PPMC, and inability to get the products without adhering to the new method, IPMAN members, last Thursday, picketed the PPMC disrupting loading at private depots in Apapa, Ejigbo and Mosimi depots.

Read also:

“Pump Price of Petrol Increased,” PPPRA

Petroleum industry

Petrol price now N170