Track UpNews
24 November 2022
Independent marketers of petroleum products has increased the price of petrol further to N240 per litre, from about N230 per litre
The pump price of petrol has increased to N240 per litre, from the N165 per litre government regulated price, while the total cost hovered at N220 per litre, including transport and margins.
The major marketers, who have much capacity and access to the product continued to sell between at N175 and N180 per litre as many motorists and other users preferred to wait patiently for the product thereby building long queues at the retail
The National President of IPMAN, Chinedu Okoronkwo, who confirmed the hike in price, put the blame on private depots owners.
He said: “The real cause of the price hike is the incessant increment in price by private depot owners. A litre of fuel is being sold to us at the rate of N210 and N214 per litre. When you add transport and logistics, you can imagine what the figure will amount to the NNPC monitors and sells directly to us, availability cannot be guaranteed.”
