Petroleum Product Marketers Deny Speculations of Pump Price Adjustment Amid circulating rumors, petroleum product marketers and downstream sector operators are refuting claims of a downward adjustment in petrol pump prices at depot facilities.
According to report from our reporter petrol outlets continue to sell at prevailing market rates, with checks at major depots in Lagos revealing no changes in prices.
A source close to depot owners attributes the stability to fluctuating exchange rates, with vessel hiring costs for product transportation remaining between $70,000 to $80,000 per day.
Additionally, freight and port charges are still settled in dollars.National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, confirms no price adjustments, stating that orders are being placed at existing rates.
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Similarly, Elder Chinedu Okoronkwo, BOT treasurer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), denies the speculations, affirming that prices remain unchanged.
While speculation persists, a source within the Major Energy Marketers Association of Nigeria (MEMAN) denies any immediate adjustments, suggesting a possible arrangement between independent marketers and the Nigerian National Petroleum Company Limited.
Oil and gas expert Emmanuel Iheanacho explains that despite improvements in the naira’s value, it won’t automatically lower petrol pump prices due to government regulation.
He emphasizes the disparity between landing costs and pump prices, attributing it to ongoing subsidies.
Iheanacho highlights that market conditions, competition, and supply volumes play significant roles in pricing differentials among downstream traders, with each marketer’s cost structures influencing pricing after receiving product allocations from the NNPCL.
