Petrol price skyrockets to N300 per litre as depots shut down over elections

Recall during the build-up to the general elections, there were reports of crisis across the country owing to the scarcity of PMS. Some petrol stations had used the occasion to inflate the prices of the product with some selling as high as N320 per litre.

The Federal Government, through the Nigerian National Petroleum Company Limited, NNPCL had announced that some of the depots which had earlier shut down, had been repaired and will be distributing products to minimise the scarcity.

There was a noticeable drop in the price of PMS after that as petrol stations reduced their prices with some selling between N200 and N220 per litre.

However fresh checks on some petrol stations have revealed the price has once again, shot up to over N300 per litre as most of the marketers have lamented the scarcity of the products as depots have remained shut over the apprehension caused by the just concluded presidential elections.

Confirming the situation, the Secretary of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Abuja-Suleja, Mohammed Shuaibu, said.

“As it is now, the depots are not loading and there no receptions. If you watch, so many stations across the country are not open for service. This is due to apprehension caused by the elections,”

According to a report by the Punch, the major distributors which are filling stations operated by major marketers and other stations operated by the country’s apex petroleum regulator, the NNPCL were noticed to sell petrol between N194 and N200 per litre while the outlets operated by independent marketers sold the product between N250 and N340 per litre.

On the argument over the price disparities noticed across filling stations in the country, the Minister of State for Petroleum Resources, Chief Timipre Sylva had insisted the FG gave no instructions or approved any increment in petrol price.

“Government will not approve any increase of PMS (price) secretly without due consultations with the relevant stakeholders.

“The President has not directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority or any agency for that matter to increase the price of fuel. This is not the time for any increase in pump price of PMS,” Sylva said