Petroleum marketers have attributed the delay in the implementation of the Federal Government’s proposed N1,350-per-litre petrol price discount to speculation and uncertainty in the downstream petroleum sector.
The Minister of Finance, Taiwo Oyedele, had announced a 30-day discount arrangement last week, setting a target price of N1,350 per litre at Nigerian National Petroleum Company Limited (NNPCL) filling stations.
However, a market survey in Abuja on Monday showed that some NNPCL outlets were selling petrol at N1,370 per litre, while other filling stations charged between N1,370 and N1,410 per litre.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said speculation following the government’s announcement had contributed to the price fluctuations.
He explained that high demand, coupled with reliance on one dominant domestic refinery and imported petroleum products, could also influence pump prices. He urged Nigerians not to panic, expressing optimism that prices would eventually stabilise.
Similarly, the National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, advised motorists against panic buying, assuring them that his members had sufficient petrol supplies from the Dangote Refinery.
Maigandi also called on the Federal Government to extend the proposed discount to independent marketers rather than restricting it to NNPCL outlets, saying broader participation would help more Nigerians benefit from the initiative.
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