The ex-depot price of Premium Motor Spirit, also known as gasoline, had increased by 110%. According to the information, the ex-depot price increased from N148 per litre in October of last year to an average of N312 per litre on February 3 of this year.
According to the most recent industry data report released by the Major Oil Marketers Association of Nigeria, however, the scarcity has caused prices to rise to an average of N312/litre within a four-month period.
The results show that throughout the evaluation period, N303/litre was the lowest average ex-depot price of gasoline. At Satellite Depot in Lagos State, the product was sold for the maximum price of N312/ltr.
Allow the market the freedom to function as a free market where vendors other than the NNPC may sell their wares. We should wait and see since the government has stated that the subsidy will be discontinued in June, but in the meanwhile, we must make do “
Even though NNPCL is the only importer of petroleum products, MOMAN warned that deregulating the downstream sector will strain the nation’s resources and restrict the participation of the private sector “
In order to achieve this, industry experts advise promoting private sector involvement in the importation of refined petroleum products, as described in Section 317 (8 to 11) of the PIA 2021, to open up the supply side.