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Fuel now sells at N87 as petrol stations adjust to new price

‘We won’t reduce our fares’ -commercial bus drivers

Commuters lampoon Jonathan: ‘Elections motivated reduction’

Following the directive of the Federal Government (FG) that the pump price of Petroleum Motor Spirit (PMS), simply called petrol, should be slashed by N10 and sold at N87 instead of N97, filling stations have now, after one week, adjusted to the new price.

The Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke, had on Sunday, January 18, 2015 announced the new price regime at a press conference at the Presidential Villa, Abuja which was to take effect from Monday, January 19, 2015.

The first female president of the Organization of Petroleum-Exporting Countries (OPEC) said at the press conference:”As you may be aware, there has been a lot of volatility in the oil market in the past few months and due to this the importation prices of our petroleum products have been impacted. Therefore, with the approval and directive of Mr. President and by virtue of Section 6 clause 1 of the Nigerian Petroleum Act, it is my responsibility as Minister of Petroleum Resources to hereby announce a reduction in the pump price of Petroleum Motor Spirit (Petrol) from the current ninety seven naira (N97) per liter pump price down to eighty seven naira (N87) per liter pump price, effective from twelve (12) midnight Sunday, January 18, 2015.

“Accordingly, I have directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Department of Petroleum Resources (DPR) to ensure strict compliance of this price adjustment by all marketing companies.

“It is my hope that all Nigerians will benefit from this adjustment. Thank you and God bless you all.”

This measure came after repeated calls from many quarters that the prices of petroleum products in Nigeria should reflect the downscaling in global oil prices, which has since hit a six-year low of $47.5 (N8,740) per barrel.

ENCOMIUM Weekly’s checks to various areas within Lagos and Ogun states showed that most, if not all, petrol stations had adjusted to the new price of N87, though repeated efforts by our correspondents to speak to the managers were rebuffed.

In Maryland, Ikeja, Lagos, the Mobil filling station around the bus stop now sells at N87 per litre as well as the Conoil filling station at Idiagbon bus stop along College Road, Ogba, Lagos.

In Ikoyin, Lagos Island, the NNPC Mega Station in the Falomo area, too, sells at N87 per litre.

In Oke-Ira, Ogba, the Voppel fuel station at Abbeyship bus stop sells at N87.

Bashy Filling Station and First Royal Oil both at Okunola bus stop as well as Al-Moruf filling station at Oja bus stop and Ultimate filling station – all in Egbeda, Lagos have adjusted to the new pump price.. In Iju Ishaga, the Oando filling station at Elliot bus stop sells at N87; the Mobil filling station at Alausa area, too, sells at N87 per litre as well as the one around Agidingbi, Ikeja area.

While in Ogun state, the MRS fuel station at Ajuwon Bus Stop, has adjusted to the new price and now sells at N87; the Conoil and Mikelyn fuel stations at Lambe area of the state, too, sell at N87.

 

Nigerians are clearly not impressed with the N10 petroleum pump price slash, which they said is a strategic and deliberate attempt by the presidency to win the hearts of the electorate ahead of the February elections two weeks from now.

This was what they chorused when ENCOMIUM Weekly spoke with a cross section of them who frequently use commercial buses at bus parks.

Hear them…

 

‘We want to feel the impact of the change’ – KOLADE IREPODUN

See, I don’t even have time to be talking about this our government. I am in a hurry but what I will say about it is that if they really want to reduce the price of fuel in this country which is something that affects every single person, they should fix it at a price that would make us feel the impact.

 

‘The new price has not affected anything’ – FOLAWIYO OYEDAPO

I don’t know why they reduced fuel price but I still believe they can do better. It has also not affected the usual amount collected by conductors and bus drivers. Even prices in the market have remained the same.

 

‘The government is trying to win electorate’s heart’ – HARUNA USMAN

See, sorry to say but I think it is because of the elections coming up in February that’s why Diezani changed the price. They want to remain in power by all means. This is how governments in Nigeria behave every time. They want to use it to win people’s heart but it is not working for me. If they really want to reduce the price they should have reduced it to N65 or even lower. That would have been more appropriate but it hasn’t reduced the normal price of transportation and food stuffs.

 

‘The price is still too high’ – JOHN OMOSHOLA

The price of fuel is still too high, in America it is cheaper I think. Even though it is not, they don’t have oil in their lands and they have richer citizens so they afford it. Me and my friend were discussing this new price and he said it is because the election is near that’s why they reduced the price and I agreed with him.

The price of transportation is still the same, the drivers collect the same amount. This government is full of deceit and lies. They have been doing that year. We know them.

 

‘This government pays lip service to the problems of the people’ -MISS JANET ELENDU

To me, the reduction doesn’t make any sense because if they really wanted to reduce it they should have reduced it to 50 or 65 per litre. But I know it is because of this coming election, Jonathan is doing everything to return to office after he has failed woefully in the last 5 years. I’m not buying it. They have deceived us long enough. We the youth have to come out en masse and choose leaders that will have our interests at heart. Not a government that pays lip service to the concerns of the people, and especially youth.

 

‘This government wasted six years’ – MRS. EVELYN AHANONU

Jonathan and his government are wicked. This same government increased the price of fuel to N147, if not for our protests that time that brought it down to N97. If they really had us in their mind they would have done better than this. So, all these are just political tricks to get people to vote for them. This government has been there for six years, but nothing to show for it. Ha! Six wasted years. Me I cannot be deceived.

 

‘It is part of the political game’ -MR. KOREDE ISHOLA 

It’s just a political game played by politicians for this coming elections. Don’t be surprised, after February or May, they will increase it. If you ask me, I’m not satisfied with that price, they should do better than that. Do other countries not buy it cheaper?

 

‘Whatever is worth doing is worth doing well’ – MR. OLATOYINBO LAWAL

I’m not satisfied with this reduction because it is still too high. Whatever is worth doing at all is worth doing well. If they really want to help the poor masses and reduce the suffering, they should take it back to that old price during Obasanjo’s time. But the prices in the market are still the same. No change at all.

 

‘They can do better’ – MRS. CHIOMA IBEH

To me, it doesn’t make sense. I believe they can do better than that. If they really want to please the masses they should reduce it to 50 or 65. It hasn’t affected the normal price conductors collect.

 

‘What goes around, comes around’ – MISS IMMANUELLA AUGUSTUS

For me, it doesn’t make sense, the government is getting a lot of money from us. All they care about is money, power and fame. They are doing all these because of elections. They should watch out because what goes around comes around.

 

How Nigeria compares to other oil producing countries around the globe

A peep into how Nigeria’s petrol pump price of N87 compares with those of other oil producing countries around the globe makes for an eye-popping read.

In Africa, Nigeria has the third fairest prices behind Libya and Algeria. Libya sells a litre of petrol at N26.89, while fellow North African Algeria sells at N57.3. Venezuela is famed to have the cheapest petroleum pump price in the world at N8.59 per litre.

 

Full list of Organization of Petroleum Exporting Countries (OPEC) and pump prices in US dollars ($) 

Algeria – $0.30 (N57.3)

Angola – $0.88 (N168.3)

Ecuador – $0.44 (N84)

Iran – $0.39 (N74.6)

Iraq – $053 (N102.05)

Kuwait – $0.21 (N40.10)

Libya – $0.13 (N25.78)

Qatar – $0.22 (N42.96)

Saudi Arabia – $0.12 (N22.91)

UAE – $0.47 (N78.19)

Venezuela – $0.04 (N8.59) – the world’s cheapest.

-MICHAEL NWOKIKE, DANIEL KEHINDE, SERAPHINA UZOIGWE AND ESTHER DOSUNMU

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