OIL MARKETERS DISPUTE A DECREASE IN THE PRICE OF GASOLINE AT PUMP.

Babatunji Wusu –

Claims that the gas pump price at depot locations has been reduced have been refuted by oil marketers and other downstream business owners.

Major petroleum depots nationwide continue to dispense at standard prices, while retail outlets continue to sell at the going rate on the market.

A source close to depot owners told Leadership that as the exchange rate is still unstable, any price reduction would not occur at this time.

He continued by saying that hiring vessels to transport goods to Depot facilities still costs between $70,000 and $80,000 per day, and that freight and port fees are still paid in US dollars.

No such adjustment has occurred, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), informed the publication.

“My association is still buying at old prices, and I placed an order for products, and no one has informed me that there is a change,” he stated.

Additionally, Chinedu Okoronkwo, treasurer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), refuted the rumors, stating that prices are unchanged for the time being.

In an interview with the news site, a source from the Major Energy Marketers Association of Nigeria (MEMAN) refuted the rumors as well.

According to the source, Independent Marketers and the Nigerian National Petroleum Company Limited may have an arrangement whereby the marketers source items directly, which might result in this kind of modification.

According to the source, MEMAN’s business strategy involves owning depots and outlets, which they use to transfer goods from their facilities to dispensing outlets, maintaining steady rates.