Some filling stations of independent marketers are selling Premium Motor Spirit, PMS, popularly known as petroleum cheaper than the Nigerian National Petroleum Company Limited, NNPCL retails in Kano state.
Checks by BizPoint on Sunday revealed that the independent marketers have adjusted the prices of the product to as low as N1,100 per litre, while at filling stations belonging to NNPCL, petroleum is being sold at N1,110 a litre.
Our checks also revealed that at filling stations belonging to Shafa oil company, petroleum is being sold at N1,100 per litre throughout the week, indicating a sharp drop after it was dispensed at N1,125 a litre penultimate week.
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At Aliko Oil filling stations visited by our correspondent within the Kano metropolis, it was observed that petroleum was sold at N1,100 per litre.
The same price the product is being sold at A. A. Rano filling stations across the metropolis.
However, a visit by our correspondent at NNPCL filling station located at Kofar Nassarawa, the price of a litre of petroleum is N1,110, higher than those retails belonging to independent marketers.
But at some retails belonging to independent marketers, the product is sold at as high as N1,125.
At Platinum filing station at Gaida area in Kumbotso Local Government, the product is being sold at N1,125 per litre this morning.
The same price sold at Alhassan Petroleum Ltd. at Gaida area.
BizPoint observed that the latest adjustments in the price of petroleum might not be unconnected to the decrease of its landing cost.
According to information gathered by AFRIPOST from key suppliers, including the NNPCL, the landing cost of petrol has decreased to N935.94 per litre, down from N977.
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This change is expected to lead to a reduction in pump prices across fuel stations nationwide.
Data from the Major Energy Marketers Association of Nigeria, MEMAN, also indicates a decrease in the landing cost of diesel, which now stands at N1,071.8 per litre, based on an exchange rate of N1,659.37 per dollar.
MEMAN’s latest report shows the following ex-depot prices in Lagos: N1,029 per litre for petrol, N1,120 per litre for diesel, N1,040 per litre for aviation fuel, and N1,125 per litre for LPG. The price of Compressed Natural Gas (CNG) ranges from N230 to N450 per scm. This reduction in costs is largely attributed to the recent stability of the exchange rate.
The Chairman, Kano chapter of Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji Gana Girgire, did not answer our call when our correspondent contacted him.
