Petroleum Marketers yesterday defied the federal government directive that pump prices of petroleum products be reduced to N49 per litre.
The Petroleum Product Pricing Regulatory Agency (PPPRA) Monday ordered an immediate reduction in the price of petrol and gas to N49 per litre, hours before the commencement of the plan-ned nationwide strike by the Nigeria labour Congress (NLC) and a coalition of civil society groups to protest increase in fuel prices.
However, the Nigeria National Petroleum Corporation (NNPC) announced yesterday that it has complied with the directive, and has since adjusted pump price at its mega filling stations to N49 per litre.
Investigation by Daily Trust across the country revealed that most oil marketer yesterday refused to adjust pump prices on the grounds that they are yet to exhaust oil stocks. They still maintained between N53 and N54.50 kobo per litre.
In Abuja, major oil marketers such as Oando, Total, Mobil, AP, Conoil and Texaco maintained the oil price of between N53 and N54.50 kobo.
A fuel attendant at Oando station said, “We have not adjusted our metres because we are yet to exhaust our old stock. Also, we are yet to receive any instruction from the company’s management to adjust our metres.”
Similarly in Lagos, major oil marketers retained the old prices, insisting that until they exhaust old stock, motorists will continue to buy the products at old prices.
In Kwara State, oil marketers charge N53 per litre in Ilorin town despite government directives.
While motorists complained about the non-compliance by fuel stations, the UNPP chairman in Kwara State, Alhaji Nurudeen Imam AbdulRahim however, co-mmended the federal government for slashing the pump price.
Reacting to the decision by NLC to call off the strike following the directive by government reducing the pump price, Alhaji Nurudeen described the action as a clear testimony of government’s concern for the ordinary citizen of Nigeria.
He said dialogue remained the best solution to misunderstanding between two parties working for the adva-ncement of the nation.
Daily Trust learnt that the fuel dealers are trying to sell off the stock at hand before they effect the new price regime.
In Benue State the controller of the Directorate of petroleum Resources (DPR), Engineer Adebowele Olaitan who acknowledged that marketers are still selling above the new prices as at yest-erday, assured that he would ensure compliance by marketers.
Our correspondent who went round Makurdi, the state capital, reports that mar-keters maintained old price.
Some of the marketers spoken with said until they exhaust old stocks, no agency would force them to comply with the newly announced prices.
But the state NLC, whose chairman Comrade Boga Abuul spoke to journ-alists said the State Executive Council (SEC) has convened a meeting for December to monitor sales of petroleum products in the state.
The Group Managing Director of the NNPC, Engineer Funsho Kupolokun told newsmen in Abuja yesterday that the NNPC had conse-quently adjusted its prices at the depot immediately and as appropriate.
But Engineer Kupolokun also lamented that even with the current fall in crude pri-ces, the unrecovered cost in the supply of petrol is about N4.00 per litre, and until crude oil and product prices slide further downward, cost recovery will not be attained.
“If you look at crude oil prices but they do not exactly translate to product prices., when there is a move in prices, and it slides sufficiently, then cost recovery will be attained,” he said.
Kupolokun, however, said government was not interested in fixing prices but that the committee had only attempted to look at a modulating mechanism which would trigger itself in a self-adjusting manner to protect the consumer from the vagaries of the market.
He said though the cur-rent adjustment was not in NNPC’s favour, deregulation was very much on course as it is very beneficial.
“There is nothing like going back on deregulation; what we are seeing is a temporary measure between PPPRA and the committee,” he said.
The NNPC GMD said with the current subsidy on kerosene, it would in three weeks, flood the market as it would sell for N41.00 per litre at the depot.
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