FG insists on N165 fuel pump price, advises against panic buying

The Federal Government says the fixed pump price for petrol remains N165 per liter as stipulated in the Petroleum Product Pricing Model.

The government has also advised Nigerians against panic buying, saying the country currently has over 2 billion liters of PMS in various depots.

This was announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Company Ltd. and the Pipelines and Product Marketing Company after visiting the piers in Apapa, Lagos on Tuesday.

The depots visited by senior agency officials were NIPCO and TotalEnergies.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday advised its members to adjust the price of petrol at the pump to a minimum of N180 per litre.

The traders had said that this decision was necessitated by the increase in the ex-depot price of the PMS by certain private depots from which they purchased the product.

However, Ugbugo Ukoha, executive director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA), argued that gasoline was a regulated product and urged traders to comply with the pricing model.

Mr Ukoha said the conflict between Russia and Ukraine has led to an increase in the cost of diesel, used to transport petroleum products from depots to sales outlets.

He said: “So when we saw that it posed a big challenge in the movement of other products, we approached the Minister of State for Petroleum and Mr. President graciously approved that the rate of freight for trucks is increased.

“There is an N10 addition, which we will apply to the different routes to allow trucks to move easily to the docks with less load.

“With this kind of effort from the government, we can only continue to call on operators in this industry to play by the rules.

“PMS is a regulated product and the prices are fixed. The ex-warehouse price is known. The price at the pump remains N165 and the authority is always ready to enforce these rules.

“We will therefore continue to urge Nigerians to abide by these operating rules.”

Mr Ukoha said the aim of stakeholders in the coming days would be to close supply gaps and resolve the current petrol shortage as soon as possible.

Additionally, Adetunji Adeyemi, Group Executive Director, Downstream, NNPC Ltd., said the purpose of the visit to the depots was to get first-hand insights into the challenges responsible for the current shortage.

“Today, we have about 2 billion liters of PMS in the country, which is about 34 days enough. So there is enough gasoline in the country.

“We are working with all of the stakeholders and actors in the downstream sector to ensure that this product reaches the distribution circuits but also in the stations. We want Nigerians to continue to enjoy the free flow of petroleum products,” he said.

For their part, Suresh Kumar, Managing Director, NIPCO and Ernest Umunna, Site Manager, TotalEnergies, assured Nigerians of the availability of products in their depots.

They also promised to run 24-hour trucking operations to ensure that the shortage situation in Lagos is resolved in the coming days.


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