Fuel Price: Marketers Explain Why FG’s N1,350/Litre Petrol Discount Yet to Take Effect

Petroleum marketers and retailers have explained why the Federal Government’s proposed N1,350-per-litre petrol discount has yet to reflect uniformly at filling stations across the country.

DAILY POST reports that the Minister of Finance, Taiwo Oyedele, last Thursday announced a 30-day fuel discount, setting the price of Premium Motor Spirit (PMS), commonly known as petrol, at N1,350 per litre at Nigerian National Petroleum Company Limited (NNPCL) filling stations.

However, days after the announcement, some NNPCL outlets in Abuja reportedly increased their pump prices from N1,370 to N1,405 per litre.

A market survey conducted by DAILY POST on Monday showed that NNPCL filling stations in Wuse Zones 4 and 6 had subsequently reduced their prices to N1,370 per litre.

The inconsistent price movements have left many motorists confused, with the anticipated relief yet to materialise fully at the pumps.

Meanwhile, other filling stations in Abuja and its environs reportedly raised their prices by between N10 and N39 per litre over the weekend. The adjustments by MRS, AA Rano, Ranoil and other retailers pushed petrol prices to between N1,370 and N1,410 per litre.

Speaking exclusively to DAILY POST, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the fluctuations to market speculation following the Federal Government’s announcement of the proposed discount.

He argued that extending the intervention across the downstream petroleum sector would help address the uneven pricing and reduce uncertainty for consumers.

According to him, the proposed discount at NNPCL outlets alone would not automatically guarantee price stability across the market.

Gillis-Harry urged Nigerians not to panic, expressing optimism that prices would eventually stabilise.

“It is due to speculation. Right now, we have just one dominant refinery and some imports. So that is possible.

“If demand is too high, it can affect price. There’s nothing to panic about. Eventually, the price will be stable,” he told DAILY POST.

Similarly, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, had urged Nigerians to avoid panic buying, assuring them that his members had adequate petrol stocks supplied by Dangote Refinery.

Maigandi also renewed calls for the Federal Government to extend the proposed discount to IPMAN members instead of restricting the intervention to NNPCL filling stations, arguing that a broader implementation would enable more motorists to benefit from the relief.

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