Oil marketers have given the Federal Government conditions that should be met in order to retain the pump price of Premium Motor Spirit, popularly called petrol, at N165/litre.

According to them, the cost of the commodity must be sold at the approved ex-depot price at various depots, whether private or government-owned, as this would enable filling stations to dispense the product at the regulated N165/litre rate.

They said private depots were dispensing the commodity at higher rates than what was approved by the Federal Government despite the many challenges in the downstream oil sector.

They made this known to the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja, a development that made the agency to ask the marketers to report depots that were selling PMS above the approved price.

The approved ex-depot price of petrol is about N148/litre, but retailers say private depot owners sell the commodity above N160/litre.

The General Manager, Corporate Communications Department, NMDPRA, Kimchi Apollo, said in a statement issued in Abuja on Sunday that executives of the South-West Independent Petroleum Marketers Association of Nigeria paid a courtesy visit to the authority where they made their demands known.

In the statement, the Zonal Chairman, IPMAN South-West, Dele Lamidi, said the purpose of the visit was to seek collaboration and support the authority in line with the Petroleum Industry Act 2021.

Source: PUNCH

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