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    HomeBusinessMARKET FORCES NOW DETERMINE PETROL PRICE - INVESTIGATION

    MARKET FORCES NOW DETERMINE PETROL PRICE – INVESTIGATION

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    At last the era of competitive pricing of refined Premium Motor Spirit (PMS) otherwise known as petrol may have started in Nigeria.
    The product which was hitherto pegged at N165 per litre before now now sell at different price level depending on petrol station and location in the country.
    At the Nigerian National Petroleum Company Limited fuel outlets , the price per liter is N170 per liter while some major private fuel stations owners are selling for N185 or N190 per liter.
    Similarly some station located in not too conspicuous areas are selling for N200 per litre.
    Mohammed Bature who is a supervisor in one of the major filling station in Abuja said the cost of a litre is essentially determined by depot price and cost of transportation. ” if you are bringing product from Suleja depot into Abuja attract lower transport cost compared to taking your product from Lagos or Benin depot” Bature stated.
    Private Depot owners had consistently stated that N165 per litre for PMS is no longer visible as it eroded the profit margin of the dealers whose capital are being threatened by bank rates
    Investigation by DailyNewscraft.ng revealed that the lingering shortage of Petroleum products with Abuja and FCT is still bitting hard on commuters.
    ” Queues are still seen in most petrol stations across Abuja Metropolis while fuel hawkers are seen in every major street within Abuja.
    Unlike in the filling stations the hawkers are selling a ten liter pms at between N2,700 to 3 000 or even N 3,500 depending on the location.
    NNPC had stated while unveiling its new identity that the company will now operate strictly as commercial business which aimed at declaring to its shareholders at the end year operations.
    The Group Chief Executive Mele Kyari who made this known also said NNPC transformation will bring about more positive developments in the Nigeria’s economy.
    With about 445,000 barrels crude oil refining capacity, Nigeria still depended heavily on the importation of fuel for domestic economy.

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