New Fuel Price: High Level Of Compliance In Lagos Petrol Stations

Filling stations across Lagos State have started effecting the new N125 per litre pump price regime for Premium Motor Spirit (PMS) which was approved by President Muhammadu Buhari on March 18.

A News Agency of Nigeria (NAN) correspondent who monitored the situation on Friday morning at Ikeja, Fadeyi, Abule Egba, Onipan, Surulere, Ebute Metta and Yaba areas observed that some major oil marketers were selling at the new price.

Also, all Nigerian National Petroleum Corporation (NNPC) retail outlets visited had adjusted their meters from N143 to N125 in line with the directive given by the management.

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However, some independent marketers were still dispensing at N145, particularly those located in the outskirts of the state.

Mr Chinedu Okoronkwo, President, Independent Petroleum Marketers Association of Nigeria (IPMAN), told NAN that all the filling stations would adopt the new price in due course.

“This is going to come naturally because they cannot afford to lose their customers if they continue to sell at N145.

“Some of the marketers just took product before the reduction so it came as a shock, but hopefully, we will find a way to deal with the situation, ” he said.

A motorist, Mr Wale Adebiyi, told NAN that motorists would rather look for the stations that had adopted the new price to fuel their vehicles than buy at N145.

“There is no scarcity of fuel, so I can drive and look for where I can get it for N125.

” I commend the government for the reduction because it will reduce the amount I spend on fuel, ” he said.
NAN reports that Mr Mele Kyari, Group Managing Director, NNPC, had in a statement on Wednesday said the new price of PMS would begin from March 19.

“In compliance with the directives of the Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.

“Effective March 19, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.

“These reductions will, therefore, translate to N125/litre retail pump price,” he said.