PUNCH
Prices of petrol at depots have increased more than 100 per cent following the official removal of subsidies since May 29, The PUNCH findings have shown.
National Controller Operations, Mike Osatuyi, on Tuesday, told The PUNCH that many downstream businesses were currently struggling to stay afloat as a result of the hike in prices of products at the depots.
According to him, the price of a 33,000 metric tons tanker of petrol that was sold at N8m before subsidy removal now goes between N22m and N23m depending on the location of the filling station from the depots.
The PUNCH noticed that most filling stations in Lagos were shut despite the Nigerian National Petroleum Company Limited declaring to have sufficient products in the country to last an extra month after subsidy removal.
He said, “There is fuel in the country because NNPCL told us they had imported enough products to last about 28 days. Maybe those stations were shut because they don’t have money to buy fuel.
“Price of one tanker of petrol is now around N22.5m in Lagos and Ogun and around N23m for those outside Lagos and Ogun.”
When asked whether marketers had been able to access forex for importation, Osatuyi said they needed to go through clearances and obtain licences before mass importation could commence.
