NewStats: 3,262,532 , 8,177,387 topics. Date: Monday, 02 June 2025 at 03:12 PM 3n1r60

Against the grain of public perception that once prices of products go up, they never come down, the pump price of motor spirit, PMS, popularly known as petrol, has not only crashed in some petrol filling stations, it has gone below the official amount fixed.
In some of the stations, petrol now goes for N95 per litre instead of the office price of N97 fixed by the Petroleum Products Pricing Regulatory Agency, PPPRA, in January 2012.

The price had been raised from N67 to N140 on January, 2012, a move which took Nigerians unawares, sparking widespread outrage.

When government would not bow to demands from labour and civil society organisations, there was a mass action described by some as the Nigerian Spring after the revolt going on at the time in some Arab nations.

The "Nigerian Spring" grounded business and government activities around the country for about two weeks before government reluctantly reduced the pump price from N140 to the current N97.

Although some economists say the price could drop further even to N50, the government had been saying it still needed to rise to encourage private investors whose investment in the building of refineries would bring about the desired reduction.

But THISDAY's investigation show that some petrol stations such as Ismah Investment Ltd. in Kwali and Planet in Bako town close to Gwagwalada on the outskirts of the Federal Capital Territory, Abuja, have reduced their pump price by N2 to N95 per litre.

According to an official of Planet Petroleum who said he was running the business tly with his brother but preferred not to be named, they fixed that price based on what they bought from marketers in Lagos and Port Harcourt.

He said they first sold for N96 when they procured the product at a slightly higher rate. However, when the depot price dropped, they had to cut theirs to N95 for which it had been selling for the past two months, he told THISDAY.

"Here we check the prevailing market prices to fix our own," he said. "Even if it moves down by just N1, we will adjust our price accordingly."

He noted that even the Petroleum Products Marketing Company, PPMC, the marketing arm of the Nigerian National Petroleum Company, NNPC, still sold for N97. The marketer however said DPK or kerosene was not affected by the price slash because it didn't make economic sense after buying a litre for N120 in Warri and spending N7 on transportation.

At Ismah filling station, an official, Jubril Iliyasu,said their decision to sell a litre of PMS at N95 was informed by a desire not to exploit the buyers.

http://www.thisdayonline.com/

first to comment

This goes to show that deregulation does not necessary means high fuel price!
This is the time to do away with fuel subsidy and use the money for our infrastructure needs....almost a trillion naira will be available.....imagine how much that will do to nigerian roads, airports, railway,universities, hospitals, etc and dis is per year.....

I hope their fuel pumps are still intact and not tampered with

it's being sold N95 here in Abeokuta @ Fatgbems, but they get depot in Lag. 4 depot owners it's profitable 4 them.

pheyikemi: I hope their fuel pumps are still intact and not tampered with

It Will be intact except an ibo man owns the fuel station.

Nigeria has enough money to subsidize petrol and do those things gov. claims it can only do if petrol were deregulated.
Corruption is the problem not subsidy.

They should take it back to 65

awakulowoo:

It Will be intact except an ibo man owns the fuel station.

mumu

awakulowoo:

It Will be intact except an ibo man owns the fuel station.

Are Ɣ☺u saying in effect that Igbos are shylocks?
@ op Ɣ☺u r inviting the wrath of willy4willy.Don't
say Ɣ☺u were not warned.
*going out 2 take cold fura de nunu*

awakulowoo:

It Will be intact except an ibo man owns the fuel station.

yea Igbo men like subsidy thieves Femi Otedola and Wale Tinubu

fr3do:
Nigeria has enough money to subsidize petrol and do those things gov. claims it can only do if petrol were deregulated.
Corruption is the problem not subsidy.

They should take it back to 65

SO IF D MONEY IS THERE, IT SH'LD BE SPENT WASTEFULLY. OWANBE SPECIALIST. YEYE DEY SMELL.

tawa89: yea Igbo men like subsidy thieves Femi Otedola and Wale Tinubu

Truth Is always bitter.

tawa89: yea Igbo men like subsidy thieves Femi Otedola and Wale Tinubu

I dey always talk am, You people from the land of the fading sun no dey get sensé. What has Dishonesty got to do with subsidy?

But why has the price of AGO alias Diesel not come down since
it was deregulated years ago? The last time I checked,the price
of diesel was hovering around N140 and N150

I wish this could happen nationwide, because the price in my area is #100

fr3do:
Nigeria has enough money to subsidize petrol and do those things gov. claims it can only do if petrol were deregulated.
Corruption is the problem not subsidy.

They should take it back to 65

subsidy is one of the strongest platforms where corruption dance at full glare of the public with impunity!

Remove subsidy today! Deregulate the down stream sector 100% and see the impact!

emmatony: first to comment

and what hv u said, aboki?

noblezone:

subsidy is one of the strongest platforms where corruption dance at full glare of the public with impunity!

Remove subsidy today! Deregulate the down stream sector 100% and see the impact!

True!

Still don't change shit. No matter how much Jonathan tries to "trick" us. We already know he ain't to be trusted. Come 2015 we shall put him outside aso rock where he belong. And pretty soon no one is gonn give a middle finger about petrol, electric car will be the shit in a couple years.

awakulowoo:

It Will be intact except an ibo man owns the fuel station.

Mumuristik

billante: This goes to show that deregulation does not necessary means high fuel price!
This is the time to do away with fuel subsidy and use the money for our infrastructure needs....almost a trillion naira will be available.....imagine how much that will do to nigerian roads, airports, railway,universities, hospitals, etc and dis is per year.....

Sir, every educated nigerian knows that Subsidy has to go, it is the manner in which it is taken away that is the problem. My fear and that of many sincere nigerians is if the savings will go into the right ventures and not into pples pockets. The govt has been saving 32 naira/litre for almost 2 years, I dare say sir, that sure-p investments are not commensurate with these savings. Subsidy is the only tangible thing the ordinary nigerian holds on to. Sir, I ask you sincerely, is subsidy the only way to save to develop infrastructure? Before you answer, can you tell me why the govt needs to add to the presidential fleet of jets(take into consideration the cost of crew and maintenance for the fleet), can you tell me why since the partial deregulation, no marketer has been found guilty inspite of so many investigative s? Can you tell me y the president has not reduced drastically his foreign trips? Y he hasn't reduced his retinue of aides(abati and okupe, wat is d diff)?they pay dokubo and tompolo billions to protect pipelines, what is the duty of civil defence? Yet in this time, the instances of crude oil theft has increased. I could go on and on, my point here is this, this govt want nigerians to sacrifice, what are they ready to sacrifice? Brother please tell me, what is this govt willing to sacrifice?

billante: This goes to show that deregulation does not necessary means high fuel price!
This is the time to do away with fuel subsidy and use the money for our infrastructure needs....almost a trillion naira will be available.....imagine how much that will do to nigerian roads, airports, railway,universities, hospitals, etc and dis is per year.....

Sir, every educated nigerian knows that Subsidy has to go, it is the manner in which it is taken away that is problem. My fear and that of many sincere nigerians is if the savings will go into the right ventures and not into pples pockets. The govt has been saving 32 naira/litre for almost 2 years, I dear say sir, that sure-p investments are not commensurate with these savings. Subsidy is the only tangible thing the ordinary nigerian holds on to. Sir, I ask you sincerely, is subsidy the only way to save to develop infrastructure? Before you answer, can you tell me why the govt needs to add to the presidential fleet of jets(take into consideration the cost of crew and maintenance for the fleet), can you tell me why since the partial deregulation, no marketer has been found guilty inspite of so many investigative s? Can you tell me y the president has not reduced drastically his foreign trips? Y he hasn't reduced his retinue of aides(abati and okupe, wat is d diff)?they pay asari and dokubo billions to protect pipelines, what is the duty of civil defence? Yet in this time, the instances of crude oil theft has increased. I could go on and on, my point here is this, this govt want nigerians to sacrifice, what are they ready to sacrifice? Brother please tell me, what is this govt willing to sacrifice?

Was it In the movies?

awakulowoo:

It Will be intact except an ibo man owns the fuel station.

Which means an ibo man is trying effortlessly to reduce the fuel price for the masses

your efforts at bigotry is a sheer shame

That's good... Less than $1

billante: This goes to show that deregulation does not necessary means high fuel price!
This is the time to do away with fuel subsidy and use the money for our infrastructure needs....almost a trillion naira will be available.....imagine how much that will do to nigerian roads, airports, railway,universities, hospitals, etc and dis is per year.....

.

planet wey me dey buy fuel Nah 95 naira me dey buy since sef 4 planet!.......

What's d diff? I tut is down to 85 naira