If nothing is done about the recent hike at ex-depot price by private Depot owners, the price of Premium Motor Spirit, often known as petrol, might approach or exceed N180/litte in most filling stations in the coming weeks.

According to reports, most private depot owners have increased the price of petrol from the approved N142-N145 per liter to between N162-N170 per litre.

This, according to oil marketers, has already caused some independent marketers’ filling stations to begin dispensing petrol at N180/litre, which is higher than the approved and regulated pump price of N165/litre.

However, Nigeria’s sole petrol importer, Nigerian National Petroleum Company Limited, claimed it was unaware of the price hike by private depot owners.

Also, the regulator of the sector, Nigeria Midstream and Downstream Petroleum Regulatory Authority demanded independent marketers to make a formal complaint, while the oil dealers argued that they had already informed the agency.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, said that although the number of filling stations in Lagos and Abuja that sold petrol above the regulated rate was few, many outlets in other states currently dispense the product at N170-N180/litre.

He said, “Petrol is being sold in private tank farms (depots) at N167 to N170/litre. In fact, a friend contacted me to say that some tank farm owners were selling at N180/litre in Port Harcourt.

“So I want to tell you that fuel will be available but it will be expensive in many more areas in the coming weeks if they (depot owners) continue like this.”

He explained that the non-supply of the products by the NNPC to the oil company’s inland depots had warranted the high cost of products at private tank farms.

“What is required is that the NNPC should supply these products to their inland depots to ensure that facilities such as Warri and Port Harcourt refineries and some depots have products so that marketers can take fuel at the approved N142-N145/litre price,” Ukadike said.

He added, “The National President of IPMAN, Debo Ahmed, has directed that all marketers should run 24 hours service and he appealed to security agencies to provide adequate security.

“So that is what we need now and I also want to let you know that the price of petrol in some filling stations is above N165/litre as approved by the government. And this is because they are not getting the product at the approved NNPC price.”

When told that the commodity was still dispensed at the approved rate of N165/litre in parts of Abuja and Lagos, the IPMAN spokesperson replied, “If you watch closely, it is mainly the major marketers and some mega filling stations.

“And this is because these major marketers, who are far less in number than independent marketers, particularly in other states outside the two areas you mentioned, source their products from the NNPC.

“But independent marketers source their products mostly from private tank farm owners and a few from the NNPC. But right now these private tank farm owners sell at about N170/litre.”

On why the private depots were selling above the regulated price, Ukadike stated that this was what the government should address.

“And when an independent marketer locks his filling station, they will say there is a product but independent marketers are refusing to buy so as to cause scarcity by hoarding products” he stated.

The oil marketer added, “If we buy PMS at N170litre, how much are we going to sell it in our filling stations? And tomorrow the authorities will come and lock up our stations and use police to arrest our pump attendants.

“Unfortunately, these things happen while the facts are there for all to see.”

It was gathered on Sunday that petrol sold for N250 per litre in some filling stations in Rivers State last week mainly because independent marketers purchased the commodity above the official depot price.

Reports from Bayelsa further confirmed the price increase, as it was gathered that a litre of fuel was sold for N170, N185, N195, N200, N215, and N250 at various filling stations operated by independent marketers.

Ukadike said the situation would persist unless the government called private depot owners to order.

He stressed that independent marketers would run at a loss if they dispensed petrol at the official N165/litre rate after purchasing it at about N170/litre.

The manager of a filling station in Kubwa, a suburb in Abuja, confirmed that some private depots were dispensing above the rate approved by the government.

“Private depots are selling above the approved rate of N145/litre and if this continues, very soon petrol price will go above N180 even in Abuja because it is already like that in many states,” the independent marketer, who pleaded not to be named for fear of being victimized, stated.

The NNPC is the sole supplier of petrol into Nigeria for about four years running and it supplies the product to tank farms or depot owners, from where filling stations come to make purchases.

But when told the complaints of independent marketers against depot owners, the Group General Manager, Group Public Affairs Division, NNPC, Garba-Deen Muhammad, stated that he was unaware of the development.

“I’m not aware of that honestly,” Muhammad stated, as he maintained that the oil company had been bringing in products to ensure enough supply and that queues for petrol across the country were adequately cleared.

The NNPC recently stated that it was working hard to address the queues caused by the imports of adulterated petrol. It had announced that over 2.3 billion litres of PMS would arrive in the country before the end of February 2022.

This, it said, would restore sufficiency level above the national target of 30 days

It also stated that the oil firm had over one billion litres of petrol in stock, and the PMS being dispensed currently at various filling stations across the country was safe.