Business General News

Petrol marketers plan shutdown tomorrow

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Starting tomorrow ,Monday 6TH February,2023 , Independent petrol marketers in Nigeria are expected to close down operations as the government enforces the N195/liter pump price for Premium Motor Spirit, commonly referred to as petrol.

The decision to sell petrol at N195/liter was made at a meeting in Abuja between the Nigerian National Petroleum Company Limited, Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria, security agencies, and the downstream regulator.

The high ex-depot price of petrol makes the agreement difficult for independent marketers to follow, who control about 80% of the country’s filling stations.

The shutdown of these filling stations is likely to prolong the petrol scarcity and long lines at petrol stations.

Despite the approval of ex-depot price being raised to N172/liter, it is rarely dispensed at that cost, causing marketers to sell at higher prices.

The situation has resulted in desperate motorists paying high prices for petrol and facing difficulties in finding it.

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