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FG, Oil Marketers Differ Over Lingering Petrol Scarcity

Fuel Scarcity: Panic As Motorists Form Long Queues At Petrol Stations In Ibadan

The Federal Government and major oil marketers have differed on the lingering fuel scarcity in major cities, especially Lagos and Abuja.

Naija News reports that fuel scarcity began in Lagos earlier in the week, and spread to neighbouring states on Thursday, with queues seen in various petrol stations that had the product to dispense

It was also learned that the scarcity resurfaced in the Federal Capital Territory (FCT) despite some filling stations selling above the approved pump price.

Petrol stations owned by the Major Oil Marketers Association of Nigeria (MOMAN) sold a litre of petrol between N169 and N180, while a litre of petrol sold for above N200 at other stations belonging to IPMAN members.

Following the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the acute scarcity to the unavailability of the product at the filling stations.

In a chat with The Nation on Thursday, IPMAN National Vice President, Abubakar Maigandi, said most of the tank farms from which the marketers buy petrol were not selling to them.

Maigandi stated that the Nigerian National Petroleum Company Limited (NPPCL) was not releasing products to independent marketers.

He said: “For almost two weeks now, all our trucks are there waiting for the product in Port Harcourt, Calabar and Warri.”

Maigandi added that some filling stations owned by major marketers are selling petrol, but the stations belonging to IPMAN members had no product to dispense.

Also speaking, the Chairperson of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Winifred Akpani, explained that marketers paid through their noses to get the products.

She added that the marketers are heavily burdened with huge charges which are denominated in foreign exchange (forex).

Akpani stated that accessing foreign exchange at the official Central Bank of Nigeria (CBN) rate was a serious challenge for marketers and was responsible for the price differential in petrol distribution in the country.

However, the FG through the Nigeria Midstream and Downstream Regulatory Authority (NMDPRA), insisted it has enough in stock that will last for more than one month.

In a statement titled “Petroleum Products Stock and Days Sufficiency Data 24/11/2022,” the NMDPRA said the country has petrol in stock that would last for 33.17 days.

The government agency document based its computation on the average consumption of 60 million litres per day.

According to the document, land-based stock (closing stock) was 446,059,559 litres, while total stock (inclusive of dead stock) at 2,050,272,534 litres.

It added that marine stock at berth plus offshore was 1,544,253,042 litres, and the total stock less dead stock was 1,990,212,637 litres.

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