Why we can’t sell petrol at 125/litre – Marketers

Private fuel marketers have yet to reduce the pump price of Premium Motor Spirit (petrol), while retail stations belonging to the Nigerian National Petroleum Corporation have started selling at N125 per litre.

“What we are asking the government is that: who is going to pay us between the old price and the new price on our old stock? And without them verifying our old stock and telling us what they will pay us and when they will pay us, we will not load,” a top official of one of the fuel marketers’ associations told our correspondent on condition of anonymity.

He said marketers would continue to sell the product at the old rate pending when the issues would be resolved.

“Marketers are holding their strategy session. We will have a common front. The GMD (of NNPC) has invited us for a stakeholders’ meeting, which should have been done before the announcement of the new price. By the end of today, we will have a clearer picture of how they are going to involve us,” he added.

The Federal Government had noted on Wednesday that the drop in crude oil prices had lowered the expected open market price of imported petrol below the official pump price of N145 per litre.