Current Petrol price in Nigeria
The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre.
Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide.
It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in Abuja.
Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review of Premium
“Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.
“The guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April 2020. PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.”
It added, “Members of the public and all oil marketing companies are to be guided accordingly.”
The spokesperson for PPPRA, Kimchi Apollo, had told our correspondent at 7.30pm that stakeholders had been meeting on the new price since Tuesday morning.
Officials from the Central Bank of Nigeria, Nigerian National Petroleum Corporation, oil marketers and labour unions, among others, who constitute the petroleum products price modulation committee attended the meeting.
On March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol, the PPPRA declared that there was the possibility of a new price regime for the PMS beginning from April 1, 2020.
Hours after the announcement of the reduction, the PPPRA explained that there is the possibility of a new price regime for the commodity from April 1, noting that the new N125 per litre pump price would last till the end of March 2020. Addressing newsmen in Abuja, Executive Secretary, PPPRA, Mr. Abdulkadir Saidu, had stated that the agency would be undertaking a review of PMS price and would announce a new price for the commodity, April 1, 2020, if there is a change in the parameters used in determining the current price. He noted that the price announced Wednesday, March 18, 2020, would apply till March 31, 2020, and a new price might come into effect after the review, adding that henceforth, PPPRA would be undertaking a review of petroleum products prices on a monthly basis.
The Federal Government, yesterday, disclosed that it would continue to monitor the petroleum downstream sector to ensure unhindered supply of Premium Motor Spirit (PMS), also known as petrol, across the country during the period of the New Coronavirus (COVID-19) pandemic lockdown. This was even as oil marketers lamented that the lockdown was negatively affecting the movement of their staff, as vehicles were not available to convey them to the petrol stations, while overzealous security personnel were restricting their movement. Addressing newsmen during its reinforcement of sales and distribution of petroleum products in the Federal Capital Territory, Abuja Zonal Controller of the Department of Petroleum Resources (DPR), Mr Buba Abubakar, stated that so far, most petrol stations are complying with the directive of the Federal Government. He noted that in addition to the presence of its staff across all the fuel supply value chain, some of its staff had been placed on standby, to be deployed to areas where there are complaints of disruption in fuel supply. He affirmed that the DPR would continue with the monitoring of the fuel situation throughout the period of the lockdown, noting that any petrol station found hoarding the commodity would be sanctioned. Abubakar enjoined Nigerians, especially those that might be in need of the commodity during the period of the lockdown, to avoid panic buying, as the country has enough products to meet the demands of the citizens. He said, “As you can see, everything is going smoothly from the distribution, marketing and sales of the product. It is so far, so good.
“This monitoring is going to continue. Even after now, we are going out in the afternoon, it is a continuous process. “My general assessment is that everything is okay. Nigerians should not engage in panic buying. We seriously try to stop people from buying in cans because of the temperature we have today; the product can become very volatile. We should not do panic buying at any time; there is the availability of products; people are working; sales are ongoing, there is no cause for alarm.” During the monitoring exercise, all the petrol stations visited complied with the directive of the government, as all of them were dispensing the commodity, though with a few staff, due to the low patronage. At the Conoil petrol station, Kado Estate, Abuja, manager of the outlet, Mr Godwin Aghogho, disclosed that the station had opened since 7 am, in compliance with the directive of the government, noting, however, that it had not been having patronage since it opened. He stated that the outlet currently has fuel stock of 6,900 litres and intends to take delivery of more quantity later in the day.
The NNPC Retail Outlet, Katampe, along the Kubwa Expressway, was also attending to customers, while one of the attendants disclosed that patronage had been very low since the station opened. He, however, lamented the difficulty in commuting to the station, noting that he spent several hours in traffic at Mararaba and Nyanya, due to security checkpoints along the way to Katampe. Similar complaints were made by officials of Conoil and Total petrol station at the Central Business District, opposite the headquarters of the Nigerian National Petroleum Corporation (NNPC). At Conoil, the Station Manager, Mr Lawrence Ogbagha, who noted that the station opened with 66,050 litres in stock and also expecting more products, had many of its staff trapped at home or in traffic, due to overzealous security personnel who refused to allow them come to work despite identifying themselves as workers at petrol station.
He further stated that most of its staff were unable to get vehicles that would convey them from their homes to the stations due to the lockdown, while he called on the government to provide alternatives that would ease this transportation challenge. Assistant Station Manager, Total filling station, Central Business District, Mr. Bature Yaki, also stated that most of its staff were trapped at the gridlock along the Mararaba, Nyanya Road, while some of them could not get vehicles to transport them to the office. He, however, noted that the station opened with 33,000 litres of petrol and was discharging as at the time the inspection team visited the station.