…As Filling Stations Are Not Selling
The Nigerian National Petroleum Company Limited Retail has denied the insinuations that it will increase the retail prices of its Premium Motor Spirit or Petrol because of the current exchange rate which is almost at $ 1 to N1000.
The NNPCL in a message to its customers through its Twitter handle stated: “Dear esteemed customers we at NNPCL Retail value your patronage and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPCL retail stations nationwide.”
This is coming in the midst of non-availability of the product in many filling stations in Lagos on Monday. Majority of the filling stations along Alausa and the stretch of the state secretariat along the tollgate were on Monday not selling petrol. There was no explanation other than no fuel from the petrol attendants.
Some of the affected filling stations were TotalEnergies, Conoil filling stations between Tollgate and Third Main bridge, and TotalEnergies stations, also along that axis were not selling.
Only Oando along 7UP and state Secretariat at Alausa, Lagos was selling but with very long queues,
Oil marketers, on Sunday, indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market. They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.
The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.
Oil dealers said the CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers.
Meanwhile, the Nigeria Labour Congress (NLC) has threatened a comprehensive and indefinite nationwide shutdown of the country if there is any further hike in the pump price of petrol from the current N617 naira.
NLC President Joe Ajaero made the threat while speaking at the African Trade Union Alliance Meeting in Abuja on Monday.
He said that the union would not hesitate to declare a strike if the government does not listen to its demands.
However, IPMAN President Chinedu Okoronkwo said that since the removal of subsidy, the pump price of petrol is no longer determined by the government but by the market forces and dollar to naira exchange rate.
He said that he could not determine the exact amount the fuel price would get to, but that it would continue to skyrocket as long as the dollar keeps rising in the foreign exchange market.
Okoronkwo said that Nigerians need to find an alternative to petrol, such as compressed natural gas (CNG). He said that CNG is the best alternative because it is less expensive and more environmentally friendly than petrol.
“Nigerians are aware that there is no more subsidy and we have gotten into a new season where the market fundamentals are the ones playing the major role,” he told Sahara Reporters.
“So, we need to see how we can get an alternative as a panacea to the fuel price increase. Members of IPMAN use Compressed Natural Gas (CNG) and we believe it is the best alternative. The pressure on the naira is so much and the international market dictate is also not helping matters.
“If we can aggressively direct our attention toward Compressed Natural Gas, it will be a solution to fuel price hikes. It will also quench the pressure of the dollar on the naira.”
