Success Nwogu and Regina Otokpa 
Petroleum product marketers have increased their fuel pump prices nationwide. Investigations by New Telegraph yesterday, showed that pump prices of fuel in Lagos previously sold between N865 and N885 range between N930 and N955, although MRS sold at N915.
In the South-East fuel was sold at between N945 and N955 while in some parts of the north, the price ranged between N955 and N980. Specifically in the Federal Capital Territory, Abuja, the Nigerian National Petroleum Company Limited (NNPC Ltd) as well as other marketers increased their fuel pump prices at their retail outlets in Abuja. The prices adjustments appeared surprising to many fuel users as the crude prices at the international level fell a few weeks ago.
But the National Publicity Secretary of the Independent Petroleum Marketers of Nigeria (IPMAN), Mr. Chinedu Ukadike, attributed the increases to a previous price rise of crude in the international market, double taxation and sundry issues. He called on the federal government to address alleged double taxation and the dollarization of charges at the ports.
Ukadike said: “Some few weeks ago, the prices of crude went up and the marketers and refiners bought with that increase but after some few days, the crude oil price also went down. So that in the next two or three weeks, the price will still come down in line with the reflex because there will be a span of time for the tankers of crude oil, they bought at higher price to be fully sold and then when it comes down at the international market, it will also trickle down to the Nigerian market.
The price of petroleum products is subject to the price of crude at the international market, and the exchange rate. “The issue is not about stock. We support the Dangote refinery and we also patronize the refinery. But the issue is about pricing. There is a price war, once marketers see any place where the price is cheap, they will buy. Dangote was selling products, especially PMS (fuel), a little bit higher than what other refiners were selling although he has given his reasons.
He said people who are patronizing him are paying double taxation “I call on the federal government to look into taxation in our ports and also charges in dollars. They should be done in the Naira. The issue of price is due to the liberalization of the market or downstream sector. Demand and supply now determine price in the sector. That is why there is back and forth in the pricing regime.”
