…attribute scarcity to dry depots

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the current scarcity of Premium Motor Spirit (PMS), popularly called petrol, and the attendant queues in petrol stations in many states, including Lagos, were caused by the unavailability of the product at the private depots.

IPMAN National Operations Controller, Mr Mike Osatuyi, in an interview with the New Telegraph yesterday said there was scarcity of PMS at the private depots, adding that even when they manage to get a little volume of the product the price per litre is very exorbitant.

He stated that they bought a few available volumes from depot owners at N201, N203 and N205 instead of the official rate of N148.17. He stated that with transportation, operational costs and logistics, they should not sell petrol below N230 per litre. He lamented that the high cost of petrol at the private depots had negatively affected their businesses, inflicted hardship on the people and caused socio-economic strangulation.

He stated that it was imperative for the Federal Government, through the Nigerian National Petroleum Company Limited, to ensure the revamping and reactivation of government depots such that there will be more access to the product at the government official rate.

The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), recently called for the full deregulation of the downstream sector to stop the recurring fuel scarcity. DAPPMAN Chairman, Mrs Winifred Akpani, said when petrol is deregulated, there would be more importers and more volumes of PMS at a competitive price.

She said: “The continued high price environment, coupled with forex and inflationary challenges impact oil products demand in Nigeria as the nation is a net importer of petroleum products. “Generally, the Nigerian market has NNPC Ltd as the primary supplier of products to the market, a situation that has meant a limited inflow of products and attendant episodic fuel scarcity.

“In the case of liberalised products such as Diesel, Jet A1, and LPG, petroleum marketers continue to struggle with challenges associated with credit lines and access to USD through CBN’s official window. “CITAC (a specialist consulting company for the African downstream energy market) estimates that Sub- Saharan Africa’s oil products demand will amount to 112.3mn mt in 2022. In 2023, CITAC expects to see sub- Saharan.

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