The Nigerian National Petroleum Corporation has said that it cannot sell Premium Motor Spirit, popularly called petrol, at a loss, regardless of the demands of oil marketers, as it buys the commodity at N116.28 per litre.
NNPC disclosed this while responding to claims by oil marketers that the price of PMS being sold to them (marketers) by the corporation was high and that this had led to the shutdown of many oil marketing firms nationwide.
The Depot and Petroleum Products Marketers Association of Nigeria had told our correspondent that the increase in the price of PMS sold to them by NNPC from N111 per litre to N117 per litre had made many marketers to close shop because they were not making a profit, as exclusively reported in Sunday PUNCH.
The marketers also stated that a lot of jobs had been lost due to the shutdown of businesses by oil dealers, adding that this might trigger a widespread petrol crisis in the sector if not handled adequately.
“The increase from N111 per litre to N117 was done by the NNPC over a year ago and marketers have been finding it tough, which is why most marketers are no longer in business. I have written letters several times that it should be reversed and that is why a lot of marketers are no longer importing,” the Executive Secretary, DAPPMAN, Olufemi Adewole, stated.
In response to the claims by marketers, the Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, told our correspondent on Sunday in Abuja that the government had made it clear that there was no plan to increase petrol price.
Source: Punch Newspaper
