The President of the Petroleum Products Retail Outlets Owners (PETROAN), Billy Gillis-Harry has alleged that the recent fuel price hike by the NNPC caught everyone off guard. He stated how the NNPC demanded that retailers should make an additional payments which inevitably impacted the price of fuel......See Full Story>>.....See Full Story>>
He pointed out that with this directive from NNPC, the cost of purchasing 45,000 liters of fuel from NNPC has increased from N25M to N39M for the retailers. He lamented that the lack of transparency and prompt communication from NNPC has caused confusion and difficulties for stakeholders, leading to price increases and uncertainty in the market.
He said in an interview with TVC From 10:19, ”I really cannot tell what happened in the board room administrative processes of NNPC. But we have always required that informations and actions should be take once at a time. This hike took everybody unaware and we were all scrambling for clarification through several meetings and phone calls.
It is just only a few days ago that we got a clarification from NNPC that we should go and make additional payments. So obviously if we are going to make additional payments, that will impact the price. We used to buy 45,000 liters for N25M from NNPC but now we are paying N39M for the same product.”