EX- DEPOT PRICE HITS N225 PER LITRE AS PETROL SCARCITY PERSISTS

Ex-depot price of petrol has risen by five basis points to N225 naira per litre.

This came about on a survey conducted by independent petroleum marketers.

Motorists and commuters continue to groan as petrol scarcity remains.

The pricing gap between regulated retail price by major oil marketers and the independent petroleum marketers widened to as much as 34 per cent.

The strenuous long queues at major oil marketers’ stations and the bloated price at the independent marketers’ stations, has left motorists with the hard choices.

Worse still, the absence of effective monitoring by the regulatory body has created a loophole for the oil majors, with many engaging in underhand tactics to short-change motorists.

Attendants at other oil major stations impose extra charge of around N500 in consideration for purchase at regulated price.

In Lagos however, the queues have reduced considerably in areas with a large concentration of major oil marketers but most motorists within the suburbs remain at the mercy of cut-throat independent marketers.