Again, Ex-Depot Price of Petrol Rises Amid Slump in Crude Oil Price

Barely few weeks after the ex-depot price of petrol dropped with most marketers selling at government’s official price of N77.60 per litre, the price has risen again, notwithstanding the slump in the international market price of crude oil, THISDAY’s investigation has revealed.

THISDAY’s market survey revealed that the ex-depot price was as high as N87 per litre at the weekend, with only about five independent marketers selling petrol in their depots at the weekend.

It was learnt that majority of the Lagos-based independent marketers, including Sahara Energy, Rahamaniyya, Integrated Oil and Gas, Aiteo, Heyden Petroleum, Obat, SPOG, Swift Oil, Ibeto, Gulf Treasure, D-Jones, Bovas, Honeywell, AZ and Techno Oil did not have petrol in their depots at the weekend.

THISDAY gathered that Capital Oil, Folawiyo and MRS were the only independent marketers that were loading at the weekend.

It was however gathered that the products in these depots belong to the Pipelines and Products Marketing Company (PPMC), a subsidiary of the NNPC, as the private marketing companies no longer import petrol due to the huge outstanding subsidy claims, which is in excess of N500 billion.

The PPMC, it was learnt, were loading to only NNPC retail outlets and major marketers in Abuja and Lagos to “give the impression that all is well,” according to one of the marketers, who spoke to THISDAY.

Investigation also revealed that the NNPC also imported two vessels – MT Diddi and MT Alizea, to discharge petroleum products to the major marketers at the weekend.

The major marketers include: Conoil, Mobil Oil, Total, MRS, Forte Oil, Oando and NIPCO plc.  

But due to the tightening supply, only major marketers and NNPC retail outlets in Lagos and Abuja were getting stock from these vessels.

PPMC was selling at ex-depot price of N85 per litre at Capital and N84.50 at Folawiyo depot.

The price at MRS depot was not however available.