Selling petrol at N165 is unrealistic

Members of the Unbiased Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN), have stated that it has change into unrealistic for the pump value of petrol to stay at N165 per litre.

The chairman of the Lagos chapter of the union, Akin Akinrinade, acknowledged this whereas reacting to the latest gas shortage being skilled in Lagos state. In keeping with him, the scenario throughout the state is a results of the working surroundings which has change into hostile to their companies. 

In an interview with Channels TV, Akinrinade stated entrepreneurs have discovered it tough to function contemplating the dependence on diesel whose value has skyrocketed. He listed the excessive value of shopping for petrol on the depots, the excessive value of diesel for working their station, and the elevated value of freight as the key components accountable. Akinrinade careworn that it was not possible to promote the product on the really helpful value of N165 to a litre, including that the touchdown value of petrol was between N175 to N178 naira to the litre.

“Members of Unbiased Petroleum Entrepreneurs Affiliation of Nigeria IPMAN have shut down their stations, not as a result of we’re placing; we aren’t on strike. Fairly, the enterprise surroundings has been very hostile to us such that we are able to not do enterprise underneath this situation. So that you can load a litre of petrol, you pay in N162 per litre.

You now have so as to add the price of transportation which is between N6 to N8, relying on the gap inside Lagos. Whether it is outdoors Lagos, it’s far more than that.

So, in case you add N8 to N162, you have already got N170 and the federal government which is the regulator needs us to promote at N165; we’ve not even added the fees on the depot and the working value at our stations.

You understand what diesel says now, and you understand how epileptic energy provide is; we run on generator, utilizing diesel at N800 per litre. There isn’t a station in Lagos that makes use of lower than 50 litres (of diesel) per day.

So, our members can not promote (petrol) at N165 per litre; actually, there isn’t a cheap particular person on this enterprise that may promote beneath N180 per litre.”