Business

Why we can’t sell fuel at N170 – marketers

Independent Petroleum Marketers Association of Nigeria (IPMAN) officials have stated that their organisation is collaborating with NNPC Limited to address the nationwide fuel shortage.

Independent Petroleum Marketers Association of Nigeria (IPMAN) officials have stated that their organisation is collaborating with NNPC Limited to address the nationwide fuel shortage.

According to IPMAN, independent marketers have been lifting fuel from private depots at around N200 per litre, causing shortages and long lines at petrol stations.

Consequently, they will be unable to comply with the Department of State Services (DSS) 48-hour instruction from last week.

Independent marketers are now authorised to lift petrol at N148 per litre, according to IPMAN Operations Controller Mike Osatuyi.

Osatuyi announced, “Our members have now been allowed to lift petrol at N148 per litre, meaning we can reduce our pump prices. We are committed to working with other parties to tackle the shortage across the country as quickly as possible.”

Meanwhile, the House of Representatives urged the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) to enlist the help of the Nigerian Police Force and DSS to guarantee that all retail outlets were selling petroleum at the mandated price.

Saidu Abdullahi (Niger State) introduced a motion in plenary titled “Urgent Need for the Government to End the Current Fuel Scarcity,” which prompted the subsequent resolutions.

Abdullahi, who introduced the motion, said that Nigerians have endured “untold hardships” due to the recent petrol shortage, dampening economic activity and worsening an already bad situation.

According to him, “intelligence reports on current fuel scarcity gathered by our securities agencies indicated that there is a deliberate plan by some oil marketers to derail the effort of the government in the distribution of fuel in the country by hoarding the petroleum products and thereby creating artificial scarcity all over the country.”

“While the fuel scarcity is hurting, some major marketers are selling fuel at the government-regulated price, but some independent marketers who operate in the market have enough petroleum products and are selling at unregulated prices.

“Most of those fuel stations have resulted in selling fuel at over N300 per litre. It is observed with dismay that those who are gaining from this artificial fuel scarcity appear to be smiling home as a result of this ugly development. This has the potency to provoke innocent Nigerians against the government.”

The Major Oil Marketers Association of Nigeria (MOMAN) recently made a similar commitment to helping bring an end to the crisis.

The organisation issued a statement, “MOMAN continues to work with other key stakeholders to ensure that we ramp up supplies to our retail sites and return to normalcy as soon as possible. We envisage a rise in demand during the yuletide season and are prepared to work round the clock to keep our stations running.”

Get more fascinating contents like this on Facebook, Twitter and Telegram
Get more stories like this on Facebook, Twitter and Telegram