Marketers provide reasons for selling petrol above N86.50

It appears that the reason why many filling stations across the country have refused to comply with the Federal Government’s directive to sell a litre of petrol for N86.50 as against the old pump price of N87 is because most of them had stockpiled the product in anticipation of a likely price increase by the government, The Punch reports.

Some independent marketers also indicated that they could not comply with the directive on the new petrol price because they bought the product higher than the approved price.

Compliance by filling station owners with the new pump price of N86.50 for a litre of petrol has not been great across the country even though the Department of Petroleum Resources, the regulator of the downstream petroleum sector, has vowed to punish defaulters.