The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that private depot owners have hiked the cost of petrol to N770 per litre.

IPMAN’s national president, Abubakar Maigandi, disclosed this, stating that depot owners are complaining that the cost of freighting cargo at sea has risen, affecting prices.

Depot owners report an increase in landing costs

Maigandi said the development has impacted petrol prices nationwide despite its availability

The IPMAN president said the cost component has led to an upward adjustment in petrol prices, which has affected pump prices. According to him, the cost of freighting the product in Lagos is about N30 or N35 per litre, stressing that the aggregate cost of petrol in Lagos is around N800 per litre.

Marketers move to recoup freight costs

The Nation reports that Maigandi said those lifting petrol from Kebbi State pay as much as N70 per litre in freight costs, leading to petrol selling for as much as N900 and N1,000 per litre in Kebbi.

He said: “It is a little bit available now because there is no queue. But the only thing is the cost of the private depots. They sell it at N770/litre.

They are complaining about the transportation of their cargoes from the high seas, so they increased the price.

At that rate, the pump price depends on the distance. Where you will spend N30 like in Lagos, if you add N770 plus N30, it is N800. He said petrol could only sell for less when Dangote and other refineries across Nigeria began to produce it"