Filling station owners are currently in panic buying mood, as many of them are stockpiling products ahead of the announcement of a new pump price for petrol in August, investigation has shown.
It was also gathered that the price of the commodity might increase to about N150/litre as the committee saddled with the task of fixing petrol price had been meeting and would make the new price public soon.
He added, “That is the situation and this was why we requested that there should be a stakeholders’ engagement every month or quarterly so that we can be sure of what to expect.” The PETROAN president said, “Many of our members have been buying products since 22nd and now they have products lined up, hoping that if PPPRA increases price, they will manage the cost in a way that Nigerians will know that we are not out to profiteer.
Gillis-Harry said, “From March to July, there was no clear-cut permutation or formula that we as marketers can affirm that this is the reason why the price changed from this to that. We don’t have it. The Executive Secretary, PPPRA, Abdulkadir Saidu, argued that different sectors of the polity operated under the guidance of national regulators.
Saidu noted that while the market-based pricing regime was a policy introduced to free the market of all encumbrances to investment and growth, it should not be misconstrued to mean a total abdication of government’s responsibility to the sector and citizenry.
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