Marketers sell petrol above N145/L in 16 states

Amidst controversies over appropriate
pump price for petrol, reports of the
National Bureau of Statistics, NBS, has
indicated that petrol marketers in16 states
of the country are selling the product
significantly higher than the N145 maximum
price stipulated by the federal government.
While the marketers have subtly canvassed
for upward review of the ceiling on the
bases of upwards movement in exchange
rate, the key factor in the petrol pricing
template, many stakeholders have argued
that the marketers were being selfish in
pressuring the government for their
financial gains at the expense of the
economy and the citizens.
Also the federal government through both
the presidency and the Nigerian National
Petroleum Corporation, NNPC, have resisted
the pressure saying that the increase was
not acceptable.
Governor of Central Bank of Nigeria, CBN, Mr.
Godwin Emefiele, has also indicated that at
N145 per litre the marketers were already
making huge margins on the exchange rate
of N280/USD1.00, arguing that the further
depreciation of Naira recently only
narrowed the profit margin instead of
wiping it out.
But according to the NBS report, as at last
month Nigerians across the 36 states
bought petrol at average of N147 per litre,
above the fixed price cap of N145 per litre.
Specifically, the reports show that in 16
states the price ranged from N145.90 in Imo
State to N164.30 in Bayelsa State.
In the report, all oil producing states are
running the most expensive fuel price,
except Edo and Delta.
Other states that recorded significant mark-
up on the benchmark price include: Abia,
Akwa Ibom, Anambra, Bauchi, Bayelsa,
Benue, Borno, Cross River, Ebonyi, Enugu,
Gombe, Kaduna, Kebbi, Kogi, Kwara,
Nassarawa, Niger, Rivers and Sokoto, with a
range of N146 and N164.3 per litre.
Meanwhile, within this period, no regulatory
agency has been able to check the
discrepancy.