Lagos – A litre of petrol now sells below the official benchmark of N145 in some stations in the Lagos, a survey has shown.
A correspondent of the News Agency of Nigeria (NAN) who carried out a survey of some filling stations in the Lagos metropolis reports that some stations were selling at reduced rates of between N137 and N143 per liter, depending on the area were mainly the independent marketers.
It was discovered that even though they were selling at reduced rates, they were still recording low patronage from members of the public.
It was gathered that some of the motorists now prefer patonising stations of major marketers since the new prices of the product was announced on May 11 by the Petroleum Product Pricing Regulatory Agency (PPRA)
Some of them claimed that they have taken to stations of major marketers because the dispensing metres in stations of the independent marketers might have been compromised.
NAN, however, observed that some stations such as NIPCO at Fadeyi, on Ikorodu Road and at Ilepo-Oba, Ikorodu town were selling the product at N143 per liter.
Some NNPC retail stations at Egbeda-Igando area and Kudirat Abiola Way, Oregun were selling at N135 per litre as at Friday.
However, a few stations owned by some major marketers were still dispensing at N145 per litre, while a few made slight downward adjustment of N2.
An Independent petroleum marketer, Alhaji Aliu Folorunso noted that there had been low patronage of the product by the public as motorists, motorcyclists and those purchasing in jerry cans for their electricity generating sets.
He believed that low patronage had been responsible for selling the product below N145 per litre in some filling stations.
Folorunso, also the chairman, World Global Petroleum Ltd., told NAN that the differential in sales in petrol pump prices in stations were the outcome of the recent deregulation, where competition could force down prices.
According to him, some members, 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.
This, he noted, was because some motorists had been shunning some stations run by the independent marketers, who they believe could have tampered with metres of their dispensing machines.
According to him, the products from private depot owners are now cheaper and available more than products from the Nigerian National Petroleum Corporation (NNPC).
“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.
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http://www.vanguardngr.com/2016/06/litre-petrol-now-sells-n145-stations-survey/