Tank Farm Owners Dare FG, Fails To Comply With New Price of Fuel

Fresh indications have emerged that petroleum tank farm owners might be daring the Federal Government even as they have refused to comply with the new ex-depot price of PMS at N77 per litre
Investigations carried out by Shipping Position Daily at some of the tank farms in Lagos showed that many of them were selling fuel at high prices; varying from N90 per litre to N93 per litre.
This is even as checks by our correspondent showed that many filling stations across the Lagos metropolis have complied with the new pump price of N86.50 per litre.
Many of the oil majors in Lagos have reverted to the approved rate of N86.50k, while the same may not be said of independent marketers who are still selling above the recommended retail price.
Speaking with our correspondent last week, Vice Chairman NUPENG PTD, Ascon Unit, Comrade Owolabi Jimoh confirmed that Gulf Treasure was selling the product for N96 per litre, Integrated Oil was selling for N94 per litre.
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has however called on Federal Government that, rather than force filling stations to sell at N86.50k it should first enforce the N77.66k on tank farm owners.
A Chieftain of IPMAN, Chief Ikechukwu Nwankwo, observed last week that due to non-allocation of the product at Nigeria National Petroleum Corporation (NNPC), members of the association had been sourcing for products through other means with attendant extra cost.
“The present cost of fuel per litre in Enugu is between N125 and N130 because the landing cost per litre is between N115 and N120.
“Tell me how one can sell at N86.50 if the landing cost to the state is N130.
“With this you will agree with me that it will be impossible to sell Premium Motor Spirit (PMS) at N86.50”, he said.
Nwankwo advised the Department of Petroleum Resources (DPR) to direct its energy at ensuring that private tank farm owners sell petrol to marketers at N77.66k, which is the federal government approved price.
He assured that if marketers get petrol at regulated price that his members would not hesitate to sell at N86.50.
“Marketers are not responsible for the high cost of petroleum products. Government must first regulate the illegal activities of private tank farm owners and stop them from exploiting us before we can sell at the approved price”, he stressed.