Petroleum marketers in some parts of the country have failed to adjust the pump price of petrol to N162, despite agreements between the Federal government and the organised labour to that effect.
Six days after the announcement of the new template, which removed N5 from the previous price of N166 per litre, the product is still selling at between N166 to N170 per litre in most fuel stations across the country.
Furious over the repeated hike in petrol price, the organised labour, especially the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), had dragged the Federal government to a dialogue, where the Nigeria National Petroleum Corporation (NNPC) agreed to slash N5 from N167.44, a development, which the Minister of Labour and Employment, Dr. Chris Ngige, stated that the reduction would bring down the price of petrol to N162.44K.
However, the petrol marketers, particularly the Independent Petroleum Marketers Association of Nigeria (IPMAN) immediately denied knowledge of any reduction in pump price, stressing that they were never carried along on the matter.
The vice president of the association, Abubakar Maigani Shettima, said although the association asked its members to comply with the new price, most depot owners, especially private depots, (which makes up about 80 per cent of the market) failed to implement the new price.
Shettima said just about 20 per cent of depots, especially NNPC depots complied with the new price, adding that it would be difficult to dispense products at a lower price if the ex-depot price remained the same.
The development came amidst existing clamour for a transparent pricing system, which would be determined by market forces and other variables and remain open to stakeholders.
Nigeria had earlier announced the deregulation of the downstream segment of the petroleum industry after the government suspended a subsidy regime allegedly immersed in corruption and secrecy.
Although the pump price of petrol was reduced immediately the government deregulated the market following the low price of crude at the international market, the price has, however, risen steadily from June. The price rose from N121.50 to N123.50 per litre in June; N140.80 to N143.80 in July and N148 to N150 in August.
In September, pump prices rose further to N158 and N162 per litre. The recent ex-depot price in November took the price to N168 per litre.
In major cities in Nigeria, including the Federal Capital Territory, the new price has failed to work, and marketers are still selling above the previous price.
In Abuja, except in government-owned retail outlets, and NNPC retail outlets, petrol prices currently hover between N164 and N166.
In parts of Kogi State, the pump price has already jumped to about N170, while in Benin, Edo State, some petrol stations, including Conoil and Voe were dispensing at around N166 per litre.
In Offa, Kwara State, fuel was sold for N168 per litre, while the product went for between N169 and N170 per litre in some filling stations. It was the same situation in Warri, Delta State, where motorists settled for an average pump price of N167.
In some parts of Ilorin, Kwara State, Bovas Filling Station sold for NI65, Rain Oil sold for N166 and N168. In Yola, Adamawa State, the product went for N164.
However, the Department of Petroleum Resources (DPR) said it is monitoring compliance with the new pump price across the country, stressing that apart from ensuring marketers sell with the price band, mechanisms were also in place to stop hoarding of the product, especially during the festive season.
Spokespersons for DPR, Paul Osu, reportedly said although the market has been deregulated, the agency would ensure marketers caught in activities that were against market practices were duly penalised.
-Media Report