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Business Nigeria: Pump Price of Petrol Falls Below N145 Per Litre in Lagos


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LequteMan

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The pump price of petrol has fallen below N145 per litre in some areas in Lagos state, a survey by the News Agency of Nigeria says.

Some fuel stations in the state were selling at reduced rates of between N137 and N143 per liter on Friday, mostly in areas where independent oil marketers sell. However, the marketers still recorded low patronage despite selling at reduced rates, it added.

This could be because most motorists now prefer patonising stations of major marketers since the new prices of the product was announced. It's said that motorists believe the dispensing metres in stations of the independent marketers might have been tampered with.

An independent oil marketer, Alhaji Aliu Folorunsho, lamented the situation. He complained that oil marketers who used to sell between 120,000 litres and 150,000 litres (equivalent of 4 trucks) daily are now finding it difficult to sell off 33,000 litres daily.

“We purchase products from other private depots in Lagos and some of our members are selling below N145 per liter in Lagos.

“From private depot owners, we purchase at between N130-135 per liter as ex-depot price. If you add other costs, we arrive at between N138 and N143.

“The business is not encouraging anymore because we do not have enough margins because competition has driven the prices down. Maybe because NNPC has stake or interest in private depot, they are giving them at cheaper rates,” he said.


News Agency of Nigeria
 

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