Economy News

Fuel Hike: DPR, Operators Agree To Sell Petrol N148.17 Per Litre

Fuel Hike: DPR, Operators Agree To Sell Petrol N148.17 Per Litre
  • PublishedMarch 18, 2021



The Department of Petroleum Resources (DPR) on Wednesday 17th March 3021, signed an agreement with over 27 operators in the downstream sector to check fluctuations in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol.

Depot facility operators, union leaders of retail outlets and other downstream operators agreed that petrol would be sold at the stipulated ex-depot price of N148.17 per litre.

Port Harcourt Zonal Operations Controller of DPR, Bassey Nkanga, told The Guardian that the move would end an unnecessary hike in prices of petroleum products.

Retail outlets at the meeting organised by DPR in Port Harcourt, blamed the staggering prices of petrol on failure of depot operators to sell the product at a uniform price, stressing that the development forced operators to sell according to how they buy the product.

“It is time to bring all stakeholders together to operate on the same page. The Federal Government has not increased the price of petrol, and as such, anyone who contravenes the rules will be sanctioned. With the agreement to sell petrol at N148.17, no retail outlet should sell petrol above N165,” he said.

After the stakeholders signed the agreement, Nkanga said: “By this, we have agreed to sell petrol at depot price of N148.17. So, you are mandated to supply the product at approved price and if pumps dispense with 0.1 per cent difference at retail stations, we will shut down such stations.

“This time it became necessary because of speculations around the price of petroleum products. We really needed to bring ourselves together to be on the same page, because the Federal Government has not increased the price of petroleum products.

“Marketers are sabotaging the system. So, since the Federal Government has not increased the price of petrol, nobody has the right to sell above the former price.”

Nkanga added that depot operators should not sell above stipulated ex-depot price to marketers and retail outlet operators should not also sell beyond what they are supposed to sell to members of the public.

“Since the N148.17 has been stipulated, there will be no increase. The Federal Government has restated that it has not increased and so we expect everyone to sell at the stipulated price,” he stressed.

He also frowned on hoarding, stressing that any person or retail outlets caught hoarding the products would be dealt with accordingly.

“We talked about selling products to unlicensed facilities. We earlier sent out letters to depot operators to alert them that we will not tolerate any form of disguise in selling petroleum products to unlicensed persons,” he added.

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