Petroleum marketers reject ex-depot, pump price


…Demand stakeholders’meeting with Adeosun, Kachikwu

By Samuel Ibiyemi

Members of the Petroleum Marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers (DAPPMA) have rejected the current exdepot price and fuel pump price. They are also seeking a stakeholders meeting with the Minister of Finance Mrs Kemi Adeosun and the Minister of State for Petroleum Dr Ibe Kachikwu for solution.

Shortly after the adjustment of pump price to N145 per litre, the Petroleum Products Pricing Regulatory Agency (PPPRA) had in an official letter with reference number A.4/9/017/C.2/IV/690, dated May 11, 2016, given a range of N123.28 – N133.28 per litre as the indicative ex-depot price for collection to all the marketers and depot owners.

The marketers claimed that the stakeholders are demanding a meeting to find solution to the rising rise in Platt which made it impossible for them to use the current fixed except/ retail price for fuel importation. According to him, the meeting initially scheduled for last Thursday but canceled must take place to resolve the challenges posed by the increase in Platt as a result of the increase in crude oil price. “The challenge today is not on forex availability for fuel importation. The Central Bank of Nigeria/ Nigerian National Petroleum Corporation (NNPC) through International Oil Companies (IOCs) funding,” he said.

However, a source close to the Ministry of Finance gave the assurance that the Ministry has resolved to set a new date for a stakeholders meeting. According to him, the meeting fixed for Thursday last week was cancelled as a result of the trip with other government’s officials to London for the Eurobond road show. “I am very sure, the meeting will be reconvened soon,” he assured.

The Executive Secretary MOMAN Mr Obafemi Olawore in response to enquiry for confirmation of a new date for the meeting said that MOMAN and other stakeholders are yet to be advised of another day”.

Industry analysts said that the solution for the government is to fully deregulate the downstream sector or grant special forex rate for marketers to continue fuel importation.


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