Fuel: Independent marketers introduce new pump price

Investigations conducted in Abuja and Lagos reveal a significant disparity in petrol prices between stations owned by major and independent marketers.

Major marketers are keeping their prices relatively steady, whereas independent operators have increased their rates by 20 to 30%.

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Presently, major marketers are vending at an average of ₦605 per litre, while independent marketers are setting prices at around ₦730 per litre.

Independent marketers attribute the price hike to a breakdown in the system of the Nigerian National Petroleum Company Limited (NNPCL), pointing to advantageous Business-to-Business transactions benefiting major marketers.

They clarify that independent marketers no longer have direct access to imported petroleum products at depot prices.

Further investigations indicate that while petrol is available at stations throughout Lagos, prices have not decreased.

A motorist, Olatunde, disclosed purchasing petrol for ₦850 per litre at a station along the Iju-Ishaga area of Lagos, despite the absence of queues. He noted this as a significant increase compared to the previous ₦630 per litre.

Fuel: Independent marketers introduce new pump price