Marketers in the petroleum industry have explained that some filling stations are still selling petrol above N1,000 per liter because they are yet to exhaust their old stock purchased at a higher rate. The Dangote refinery reduced its ex-depot price of petrol from N970 to N899.50 per liter, prompting a price war in the market. Subsequently, the Nigerian National Petroleum Company Limited also decreased its ex-depot price to N899 per liter, leading to adjustments in pump prices at retail outlets.
Despite these reductions, many filling stations are still selling petrol above N1,000 per liter, with prices varying between N990, N980, N950, and N935. The Vice President of the Independent Petroleum Marketers Association of Nigeria explained that some marketers are still dealing with old stock bought at higher prices, hence the delay in adjusting prices. He emphasized that as soon as they deplete their old stock, prices will reflect the reduced rates.
While acknowledging the benefits of deregulation, the challenges faced by marketers due to price fluctuations were also highlighted. The removal of fuel subsidies has led to financial strains on businesses, especially with rising interest rates. Marketers were advised to adapt to the changing landscape and be prepared for future challenges.
Additionally, the National Publicity Secretary of the Petroleum Products Retail Outlet Owners Association of Nigeria mentioned the disparity in petrol prices between different regions, citing examples of price variations between Lagos and Port Harcourt due to logistical reasons.