Normalcy returned yesterday at several filling stations across the Lagos metropolis following the hike in ex-depot price of petrol which took effect on Wednesday.
This was even as majority of independent marketers adopted the highest band of N150 per litre, lending credence to the Daily Sun report Wednesday indicating that the increase in ex-depot price to N138.60 per litre, might push retail price to N150 per litre.
However, Daily Sun findings yesterday showed that fuel marketers have since adopted multiple fuel rates with only the Nigerian National Petroleum Corporation (NNPC) retail outlets selling at the lowest band of N144.80 per litre.
But other marketers, especially, the Independent Marketers Association of Nigeria(IPMAN) had adopted the highest band of N150 per litre, N148.80 and N149 respectively, depending on their locations.
Visits to several filling stations owned by major and independent oil marketers by Daily Sun revealed that the atmosphere was calm as against Wednesday evening experience when consumers and filling stations engaged in panic buying and hoarding of petroleum products respectively.
Some motorists who spoke to Daily Sun in separate interviews expressed displeasure over the development, saying the multiple retail price rates will lead to unhealthy competition and sharp practices among marketers.
“A filling station that is unlucky to be close to NNPC retail outlet may be forced to reduce its price to be at par with that of the NNPC which is the lowest band but would make up for that shortfall by adjusting the meters.
The implication of that unhealthy competition is that for any consumer purchasing fuel worth N2,000, he is actually receiving product worth N1500.
So I would implore the Department of Petroleum Resources(DPR) to step up monitoring and surveillance of filling stations in order to sanction errant ones’’
The Petroleum Products Marketing Company (PPMC) a subsidiary of NNPC had in a memo to all depots and marketers released on Wednesday announced an increment in the Ex-depot price of Premium Motor Spirit(PMS) popularly called petrol by 5.32 per litre.
Prior to this latest increase, depot owners sold the product for between N133.30 per litre and N133.50 per litre.
The hike in ex-depot price may push a litre of petrol to N150 or more because when marketers’ margin of N6 per litre and transporters margin is added to the new ex-depot price of N138.62, fuel may land at N150 per litre or more at filling stations
Ex-depot price is the price that the product is sold at the depot for marketers and further determines the final price at filling stations.
The memo dated August 4 and signed by Mohammed S. Bello on behalf of the PPMC indicated that from Wednesday, August 5, Premium Motor Spirit, PMS popularly known as petrol from ex-coastal transfer point would be N113.70, while ex-depot will cost N138.62 per litre.
The ex-depot price as at July price band released by the PPPRA, an agency of government mandated by law to fix petroleum products prices, was N133.30 per litre.
While PPPRA is yet to release August price advisory as it did monthly since April, the PPMC sent a memo advising marketers on oy the coastal price and ex-depot price for the product.