Old stock delays new price sales at fuel stations
By Sunday Ogundiran
The filling stations operating in Oshodi-Isolo Local Government Area are yet to sell Premium Motor Spirit (PMS), which in common parlance is generally referred to as petrol at the newly price of N121.50 per litre announced by the Federal Government on May 31, 2020.
To further cushion the effect of the Covid-19 lockdown on Nigerians, the Federal Government had cut the price of PMS per litre from N123.50 to N121.50 taking advantage of the fall in the crash of crude oil prices in the global market.
The Federal Government had initially reduced the price from N145 to N125.50.
If an effort to get the reason for the delay in implementing the new pump price, ECHONEWS learned that majority of the filling stations were still selling at the old price because they were still selling their old stock.
They claimed that they could not sell the product they bought at the old price with the new price as they would incur more losses.
They also said the Independent Petroleum Marketers Association of Nigeria (IPMAN) has not agreed with the government on the new price, saying it would be implemented as soon as the marketers and the government reach a compromise on it.
Mr. Johnson Adams of Forte Oil in the NNPC axis of Ejigbo said the filling station would commence selling at N121.50 per litre as announced by the Federal Government as soon as marketers agree on their marketing price from depot to their respective filling stations.
He stated that their suppliers’ price would be the first step and the major determinant factor of their individual selling price.
The Supervisor of Oando Filling Station located at Mafoluku Oshodi, Mr. Abayomi Olusegun said the station would soon switch over to the new price.
He said: “Immediately the new price was announced, I called the attention of my boss and the Managing Director, Mr. Gbadebo Daniel agreed to comply after speaking with our marketer and after we finish selling the one we have in stock..”
