Petroleum marketers and retailers have explained why the Federal Government’s proposed N1,350-per-litre petrol price has yet to take effect at filling stations across Nigeria.

The Minister of Finance, Taiwo Oyedele, announced a 30-day fuel discount last Thursday, stating that petrol would sell for N1,350 per litre at NNPCL filling stations.

However, days after the announcement, some NNPCL outlets in Abuja increased their pump prices from N1,370 to N1,405 per litre.

The situation has caused confusion among motorists, while other filling stations in Abuja and its environs raised their prices by between N10 and N39 per litre over the weekend.

The price increases affected outlets operated by MRS, AA Rano, Ranoil and other marketers, with petrol selling between N1,370 and N1,410 per litre.

The National President of the Petroleum Products Retail Outlets Owners Association, Billy Gillis-Harry, attributed the unstable prices to speculation following the government’s announcement.

He said petrol price fluctuations could continue unless the government extended the intervention to cover other operators across the downstream petroleum sector.

According to Gillis-Harry, the planned discount at NNPCL stations would not automatically end price volatility in the market.

He urged Nigerians and motorists not to panic, expressing confidence that prices would eventually stabilise.

“It is due to speculation. Right now, we have just one dominant refinery and some imports. So that is possible.

“If demand is too high, it can affect price. There’s nothing to panic about. Eventually, the price will be stable,” he said.

Similarly, the National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, had urged Nigerians to avoid panic buying, assuring them that his members had sufficient petrol supplies from the Dangote Refinery.

Maigandi also called on the Federal Government to extend the proposed discount to IPMAN members instead of restricting it to NNPCL filling stations.

Why N1,350 Petrol Discount Has Yet to Reflect at Filling Stations

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