Anaeto, Economy Editor
LAGOS
— Average fuel price across the country has remained significantly
higher than official pump price despite efforts by the Nigerian National
Petroleum Corporation, NNPC, and the Ministry of Petroleum Resources to
beef up supplies and enforce compliance to price regime.
According
to the monthly research report of the National Bureau of Statistics,
NBS, entitled ‘Premium Motor Spirit (Petrol) Price Watch’, fuel prices
averaged N107.4 per litre in July 2015 as against the stipulated pump
price of N87.
Last month, the Department of Petroleum Resources,
DPR, set up a task force to supervise and monitor the sale of petrol in
some depots, against the reports that most petrol stations were selling
fuel at prices significantly above the official price due to a hike in
ex-depot prices.
DPR had summoned the stakeholders in the fuel
distribution chain: Pipelines and Products Marketing Company, PPMC;
Petroleum Products Pricing Regulatory Authority, PPPRA; Major Oil
Marketers Association of Nigeria, MOMAN; Depots and Petroleum Products
Marketers Association, DAPPMA and the Independent Petroleum Marketers
Association of Nigeria, IPMAN, and conveyed its displeasure at the
illegal sale of petrol above the stipulated prices.
To curb sharp
practices, the DPR had suspended direct sales of Premium Motor Spirit,
PMS, and Dual Purpose Kerosene, DPK, from the affected depot owners and
major marketers.
Also, the regulatory agency had visited some of
these facilities and sealed the depots of a few oil marketers, while
most other culprits escaped the agency’s sledge hammer by the whiskers.
But
despite these measures, marketers appear to be outsmarting the
regulators had successfully been selling significantly above the
official depot price going by the NBS survey report released, yesterday.
However,
at the average N107.4 per litre, the national average appears to be on
downward trend as the previous month’s record shows an average price of
N112.1 per litre.
The figure for May was the highest this year at N118.36 per litre.
One
of the surprises in the report is that Bayelsa State, a major oil
state, maintains highest average price of fuel in the country at N153
per litre far above the average and far higher than the next highest
price recorded which was N130 per litre in Taraba State. Bayelsa average
was N155 in June, the highest that month.
Lagos has the lowest average price of N92 per litre along side Kano State.
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