Fuel queues return as retail price hits N150/Litre

Fuel queues returned to major parts of Lagos metropolis and the Federal Capital Territory yesterday, following announcement of an increase in the ex-depot price of petrol.

Majority of the filling station visited by our correspondent yesterday had long vehicular queues as consumers engaging in panic buying in a bid to beat the new fuel price while other stations hoarded the commodity in an effort to make some extra profit from their old stock.

The Petroleum Products Marketing Company (PPMC) a subsidiary of the Nigerian National Petroleum Corporation had in a memo to all depots and marketers on Wednesday announced an increment of N5.32 per litre in the Ex-depot price of Premium Motor Spirit(PMS) popularly called petrol.

Prior to this latest increase, depot owners sold the product for between N133.30 and N133.50 per litre.

The hike in ex-depot price may have pushed a litre of petrol to N150 or more after marketers’ margin of N6 per litre and transporters margin are added to the new ex-depot price of N138.62, with fuel landing at N150 per litre or more at filling stations

The memo dated August 4 and signed by Mohammed S. Bello on behalf of the PPMC indicated that from Wednesday, August 5, Premium Motor Spirit, from ex-coastal transfer point would be sold for N113.70, while ex-depot will be N138.62 per litre.

Prior to yesterday’s announcement, petrol  was being sold at N143.80 per litre at major and independent marketers retail stations while NNPC filling stations sell at N141.30 but the recent increase in ex-depot price will definitely affect the new price.

But the development appears not to have gone down well with consumers who described the latest hike as a move by the Buahri government to further impoverish Nigerians.

Some of the stakeholders who spoke to Daily in confidence said the Federal Government was toying with the intelligence of Nigerians.