08 Jun Fuel Marketers Say PMS Ex-depot Price has doubled
Petroleum products marketers are facing fresh trouble after the ex-depot price of petrol has more than doubled compared to the pre-subsidy removal amount.
The pump price of petrol is now as high as N540/litre in some filling stations – a result of President Bola Tinubu’s declaration that subsidy payment has ceased.
But Mike Osatuyi, national operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the ex-depot price of the product is now N479.50 per litre.
He added that a truck of 33,000 liters of petrol now costs N21.8 million (from N7.7 million).
The IPMAN official said marketers are finding it cumbersome to cover the cost.
“The ex-depot price of the NNPC now is N479.50 per litre, which translates to about N21.8 million for one truck of 33,000 litres,” he said.
“Marketers are not finding it easy because you are paying N7.7 million for one truck but you are unable to carry it. So, you need an additional N13.8 million before you can get one truck of the product.”
Speaking on the new pricing for the commodity, Osatuyi said the amount fluctuates and varies in response to market realities.
He said pricing now depends on the crude price which can swing up or down.
“Crude price is now $76 to a barrel and it has to do with the exchange rate,” Osatuyi said.
“That is still not clear when the president said the black market and the official market will be unified.
“You cannot come out with the official rate. However, from the pricing of NNPC ex-depot, we believe that they have used about N630 or N650 to a dollar.
“That is what they have used. They have not come out but we too have put the figures to show you what the price is.”
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