The Federal Government had, through the Petroleum Products Pricing Regulatory Agency , announced a further reduction of the pump price of petrol from N125 to N123.50k per litre.
The PPPRA had earlier on March 18 reduced the pump price of petrol from N145.00 to N125.00 due to the fall in the price of crude oil in the international market following the outbreak of the deadly coronavirus. Addressing a press conference in Kano, IPMAN chairman in the state, Alhaji Bashir Ahmad Danmallam, said the association had already directed members to sell their product at N125 per litre, insisting that “until the last drop of old stock is exhausted, no one will stock in debt to dispense at N123.50.”
“We called on government for compensation or support for our members who are already in a huge loss due to the sudden reduction in fuel pump price but nothing was given to us. According to a News Agency of Nigeria report, the chamber’s Vice President, Finance, Mr. Sunny Nwachukwu, in a statement yesterday, expressed displeasure that most filling stations were still selling at N145.00.
“The irony of this lowered official pump price of petrol is on the compliance by the independent marketers in virtually all filling stations with the exception of the NNPC stations. Meanwhile, the Nigeria Extractive Industries Transparency Initiatives has said Nigeria earned a total of $32.63 billion from the oil and gas sector in 2018.It said that the amount represented a 55 per cent increase on the $20.99 billion recorded in the sector in 2019.
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