Some oil marketers in the country have said the upward review of the pump price of petrol last week by the federal government may cost them a whooping N50 billion deposited with the Nigerian National Petroleum Corporation, NNPC, for products.
Some Independent Petroleum Marketers under the aegis of Odu’a Petrol Station Owners and Dealers Association of Nigeria, OPSODAN, said though they support the current steps taken by government to sanitize the downstream oil sector, they are on the verge of losing money deposited with the NNPC under the previous template.
They further implored the federal government to fully liberalize the downstream sector and allow full participation of all marketers who have the capacity to import and distribute petroleum products effectively.
Addressing news men in Lagos, at the weekend the National President, OPSODAN, who also doubles as the Vice Chairman, Lagos Private Depot Operators,Kolawole Adewoyin, hailed the government on the new price regime adding that the new policy will help stabilise product supply chain.
“It is a welcome development. With time, prices of premium motor spirit (PMS) otherwise called petrol will come down just like diesel. We believe that if the sector is liberalized, every competent marketer will be able to import and sell the product,” he said.
