Despite several government interventions to stabilise the price of petrol price in the country, findings have shown that the ex-depot price of the commodity has risen to N237 from N148 per litre in the third quarter of last year.
Data obtained by from a market update report, ‘Industry Data Sheet’ prepared by the Major Oil Marketers Association of Nigeria, revealed that as of March 3, petrol was sold to oil marketers at N237 per litre at Ibafon/Tincan depot compared to N240 per litre it was sold two days earlier.
On March 1-2, marketers bought petrol for N210 per litre at the Satellite Depot, but it rose to N225 per litre as of March 3.
At Apapa depot, the ex-depot price per litre of petrol was N215 on March 1 and dropped to N213 per litre the next day but rose to N218 per litre on March 3.
Petrol scarcity had seen ex-depot price rise from N148 per litre as of the third quarter of last year to over N200 per litre.
The Federal Government earlier this year pegged the ex-depot price at N172 per litre and fixed the pump price at N184 per litre.
However, the National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, accused depot owners of not complying with the government’s directives. According to him, over 30, 000 members of IPMAN still buy products above N200 per litre at depots and threatened to expose defaulters after the 2023 elections.