Whilst I agree most of us all ready suspect or even know about this extortion and daylight stealing of our hard end cash, it’s important that it is publicly exposed on the pages of a popular Newspaper like Vanguard. Here are some of the excerpts;
For every ten liters sold to a motorist, it is not unlikely that he drives away with less than seven litres due to the adjusted meters by the filling stations. The implication is that the petroleum marketer gains additional three liters.
According to findings, petroleum marketers make about N4 per litre on a truck load of 33,000 liters as they buy around N93 per liter (depot price plus transportation cost) to bring the cost of purchase to N3.069.000. When sold at the regulated price of N97 per liter, actual profit will amount to N132, 000.
But to hike their profit margin, investigations revealed that the marketers adjust their fuel pump meters. For instance, ten liters of fuel will cost N970 at the rate of N97 per liter. But with the adjusted meter, motorists pay the actual price (N970) but drives away with about six liters which amounts to N582. So there is a difference of N388 which has fraudulently gone to the purse of oil marketers.
To magnify the marketers smooth operation, multiply N388 by the average of 10 million under-dispensed litres out of the 30 million litres of petrol consumed daily in the country and what you get is N3.8 billion loss to motorists.
By the way, they also forgot to mention the N20 poor Nigerian give them just to buy petrol in cans to light up their “I better Pass My Neighbour” generators.
Follow the link below for the full report
