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According to the NBS, the average amount for which petrol is sold in Nigeria is N107.  This is far higher than the official rate of N87. The Nigerian National Petroleum Corporation (NNPC) had made moves to curtail this high selling price along with the Ministry of Petroleum Resources. Their curtailing effort was centered on provision of adequate quantity of the product and enforcement of compliance by the petroleum dealers across the nation. It would seem like their efforts are not paying off yet as the price remained relatively high.

The National Bureau of Statistics carry make monthly statistics available regarding Premium Motor Spirit (PMS) and last months report had it that fuel is sold across Nigeria for N107.4 per liter in the month of July 2015. The statistical report was titled ‘Premium Motor Spirit (Petrol) Price Watch. To ensure compliance with pricing and regulation of the product across Nigeria, the Department of Petroleum Resources (DPR) put together a task force whose duty is to monitor and supervise how petrol is being sold  in some depots across Nigeria. This decision reached by the DPR was sequel to a report reaching them that the petroleum product was being sold by many of the petrol stations across Nigeria at an amount higher than the official rate of N87. The reason given by the petrol stations was that they bought the product at a higher tae than the stipulated amount from the depots.

In response to this, the Department of Petroleum Resources called a stakeholders meeting; the meeting was attended by all involved in the fuel distribution chain, including Independent Petroleum marketers Association of Nigeria (IPMAN), Depots and Petroleum Products Marketers Association (DAPPMA), Petroleum Product Pricing Regulatory Authority (PPPRA), Major Oil Marketers Association of Nigeria (MOMAN) and  Pipeline and Products Marketing Company (PPMC).  The DPR had categorically stated its displeasure at the many illegal practices that had invaded the sales of petroleum and expressed concerns at the price hike.

The direct sales of petrol, the Premium Motor Spirit as well as that of kerosene, The Dual Purpose Kerosene (DPK) had been suspended by the DPR with the hope that this will further curb the irregularities and the sharp practices being perpetrated by some gullible elements on petroleum marketing. Some facilities were also visited by the regulatory agency to inspect what was going on. Additionally, some of such facilities found to be going against the rules were sealed.

In spite of all the efforts being made by the body, some marketers seems to have successfully evaded the regulatory agency and they are selling fuel above the official price; this was made known by the NBS yesterday. The average sales price for the month of June was N112.1 per liter and it has gone down compared with that of the month of July, which stands at N107.4 per liter. The two figures above were lower than what was recorded for May, which was N118.36 per liter.  Among the states found to be perpetrating irregularities in sales of petroleum was Bayelsa State, in which petrol was sold at an average of N153 per liter

By Anthony Olawale Ojo