There are indications that the price of Premium Motor Spirit (PMS) commonly known as petrol has dropped to an appreciable level at the tank farms in Lagos, a situation that has attracted commendation for the Nigerian National Petroleum Corporation (NNPC).
Shipping Position Daily investigations around the downstream sector last week revealed that the petrol which was hitherto sold at between N100 and N99 depot price has now reduced to N85 per liter at the depots.
There are indications that the price of Premium Motor Spirit (PMS) commonly known as petrol has dropped to an appreciable level at the tank farms in Lagos, a situation that has attracted commendation for the Nigerian National Petroleum Corporation (NNPC).
Shipping Position Daily investigations around the downstream sector last week revealed that the petrol which was hitherto sold at between N100 and N99 depot price has now reduced to N85 per liter at the depots.
Our correspondent also learnt that this may not be unconnected to threat by the Department of Petroleum Resources (DPR) to probe erring marketers who deliberately manipulate the price of the product.
A petroleum marketer, Mr. Olanife Adeoye in a chat with our correspondent, attributed the development to the efficiency of the NNPC in making sure that the product is allocated and supplied promptly to the depots.
According to him, very few independent marketers are currently involved in the importation of PMS because the NNPC is taking the centre stage.
Speaking further, he said "fuel is available at all the tank farms selling around the Ibru jetty now, the NNPC has ensured that the availability is constant, don't forget that the product before now sold for N100 per litre at the depot price, but as at today, the price is N85 and this is very good"
"It means the NNPC are working and are alert to the yearning of Nigerians" he said.
According to Adeoye, other products like the kerosene and diesel are equally in large supply at the depot, but he appealed for a reduction in their prices, especially as it concerns kerosene.
However, speaking also with our correspondent last week, supervisor at a Forte Oil filling station in Apapa, Lagos, Mr. James Odiah said that the effect of the price decrease has not transmitted to filling stations.
Investigations conducted by our correspondent shows that most stations still sell fuel above pump price of N97, while some have practically adjusted the pumps to suit their individual demands.
Odiah who defended this, said that he was not aware that the price has dropped, even as he said that "we have to sell the product at the price we bought it at the depots, until the commodity we have in stock is finished, we cannot sell for N97 because we will be losing our money".
Another attendant at an independent filling station in Okota, Lagos; Rain Oil told our correspondent that, "people should not expect the price of fuel to fall immediately at filling stations because we will lose, these things take time".
Integrated Oil, Capital Oil and Eterna Oil were some of the depots that were noticed loading the product at Ibafon last week, while those at Kirikiri area were also bubbling with activities.
There were rumours last week that the Economic and Financial Crimes Commission (EFCC) had concluded plans to drag errant depots and marketers to court.
The list of the errant companies was also rumored to have been forwarded to the anti-graft agency by the Department of Petroleum Resources, and that letters of invitation had been dispatched to the affected companies while a crack team of operatives had been assembled in the commission's Extractive Industry Fraud Section to grill the affected oil chiefs.
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