Petroleum marketers have begun the implementation of the new price regime of petrol in Akwa Ibom State as recently announced.
The decision of the marketers to sell petrol also known as Premium Motor Spirit (PMS) at N170 per litre comes barely 48 hours after the petroleum product marketing company, a subsidiary of the Nigerian National Petroleum Corporation had increased the ex-depot price of petrol from N147.67 per litre to N155.17.
Following the announcement, the Independent Petroleum Marketers Association of Nigeria was quoted as saying that the implication was that the pump price of petrol would range from N168 to N170 per litre.
According to the check, all independent marketers have started selling petrol at N170 per litre despite not dispensing their old stock which must have been supplied at a reduced cost before the announcement of the new prices.
Read also: Petrol prices to hit N162 or more as ex-depot price rises to N155
Declining any explanation why they are often quick to make an upward price adjustment but reluctant to adjust it downwards, some of the attendants said they were acting on instructions from their managers adding that their duty is to sell the product as directed.
The check which also showed that many motorists are complying with the new price, tricycle operations have reluctantly complied blaming President Mohammadu Buhari for the increase in the price of petrol.
“It is Buhari that has asked them to sell at that price, it the president that should be blamed and not marketers” a tricycle operated stated.
It was not immediately clear if the major marketers have adjusted their pump price to N170 per litre.
Analysts have expressed worry about the new pump price of petrol saying it would worsen the high cost of living in the country as the Christmas season approaches.
