•IPMAN to sell petrol at N270/litre as supply gap widens, lingers

•NNPC GMD defends subsidy, oil production now 1.52mbpd

As the petrol scarcity across the country continues to linger, oil marketers have accused the Nigerian National Petroleum Company Limited of politicising the supply process and making vain promises.

The oil marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria claimed they had get fuel, despite the assurances from the Managing Director of the NNPCL Retail, Hubb Stocksman, in December that they would receive direct product supply at the government-regulated price of N148/litre from this month.


“We have yet to see any product supply. Well, the man (Stockman) has been in Nigeria for some time now and is probably beating us to our game. He’s playing politics and we don’t see the situation abating soonest,” the Chairman of Satellite Depot, IPMAN, Akin Akinrinade, told The PUNCH.

The IPMAN official said this as fuel queues worsened on Wednesday.

Akinrinade added that marketers as of last Friday bought products from the depots at between N235-N240 per litre, saying there was no way they would sell products below N270/litre even within the Lagos metropolis.


On what could be the lasting solution to fuel scarcity, he advised the Federal Government to revive the refineries to enable local production.

“The lasting solution is for the refineries to start functioning and we begin local refining,” he said.

Also speaking, the National Operations Controller of IPMAN, Mike Osatuyi, told The PUNCH that the removal of fuel subsidy and deregulation was the key to resolving the fuel scarcity menace.

“The permanent solution is to deregulate and remove subsidies. Allow the market to be a free market, where marketers other than the NNPC will be able to bring in products. Since the government said the subsidy would be removed in June, let’s wait and see, but until then, we have to manage,” he told The PUNCH over the phone.

Oil marketers

The Chairman of the Major Oil Marketers Association of Nigeria, Olumide Adeosun, also said the deregulation of the downstream sector would eradicate fuel scarcity.

“Having subsidised PMS for so long, Nigerian institutions now have a diminished capacity to deal with the current local energy crisis. A disruption in any part of the supply chain causes ripple effects and results in queues at stations. As a country, we must begin the process of price deregulation to reduce this inefficient subsidy,” he said.

According to him, if the country wishes to implement a subsidy, it must be in areas targeted to help those it should help such as in agriculture and transportation to reduce food inflation and generate more jobs for Nigerians.

He said, “We must find a way to liberalise supply. We must bring transparency and competition into supply to ensure steadier, more efficient supply at optimum prices. Imported products must compete with locally refined products to find a meeting point between the need for local refining and competitively low but cost-recovered prices for Nigerians for sustainability.

“The exploration, production, refining of crude oil and the distribution of refined products is an international business with ebbs and flows and has specific models, guidelines, rules, and norms designed to protect and sustain consumers of this type of energy and populations impacted by its supply chain. The government and the industry in Nigeria must demonstrably apply this accepted health, safety, environmental protection, and quality norms to be seen to care for its local populations. To cut corners would be irresponsible, unaccountable, and unsustainable.”

Long fuel queues were still seen across Lagos on Wednesday. Some motorists were seen queuing up for N170 per litre of fuel at stations belonging to MOMAN members, but stations belonging to IPMAN members rarely had customers, as those who could afford products sold for N250/litre and above, were seen freely driving in and out of their (IPMAN) stations.

Findings showed that while MOMAN members get fuel directly from NNPCL at a government-deregulated price of N148/litre, IPMAN members patronise private depots where prices are determined by market indices.

The Executive Secretary for the Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, had told The PUNCH that just like the NNPCL, its members were on a “recover all” regime, adding that its members faced high costs of renting vessels, illegal fees, lack of forex at Central Bank of Nigeria’s official rate among others, as reasons behind increasing prices of products.

The spokesperson for NNPCL, Garba Deen, could not be reached on his official line for his comment on the lingering fuel crises.


NNPC defends subsidy

Meanwhile, the Group Chief Executive Officer of the Nigerian National Petroleum Company, Mele Kyari, on Wednesday said the oil firm was comfortable with the policy of the Federal Government on the subsidy of Premium Motor Spirit, popularly called petrol, despite the trillions of naira being spent subsidising the commodity.

He also announced that Nigeria’s crude oil and condensates production climbed to as high as 1.52 million barrels per day towards the end of December 2022.

Source: https://punchng.com/Fuel-scarcity-bites-harder-marketers-blame-NNPCL

Let them "kukuma" officially remove the subsidy already maybe this madness go stop.

With the fraudulent fuel subsidy and all the corruption of the cabal, fuel is still unavailable If after all the vows and assurances and nothing has happened to those who imported the toxic fuel which nearly crippled the economy and the 400 BDC operators that were accused of funding BH, I have no reason to believe this new assurance till after the election.

“The lasting solution is for the refineries to start functioning and we begin local refining,” he said.

No one is getting the gist that some modular refineries are ready to begin operations but they can't access crude feedstock.
Oil has been cabalized in Nigeria. That's why govt can claim to pay bogus subsidy yet fuel stations are selling products above approved price right under their nose claiming they bought it above subsidized price at depots and the govt looks on and says nothing.

APC have finished Nigeria......

Normally, e no suppose better for urchins

The lessons some idiots promised to teach other supporters of other candidates in the 2019 presidential election turned out to be for everyone.

I always laugh when someone whose father isn't contesting for any position is telling me lessons will be learnt on February 25th.

Brother wait, we're in it together. At least no be only me dey face hardship to get fuel now.

Ire ooo

adenigga:


•IPMAN to sell petrol at N270/litre as supply gap widens, lingers

[i]•NNPC
[b]Akinrinade added that marketers as of last Friday bought products from the depots at between N235-N240 per litre, saying there was no way they would sell products below N270/litre even within the Lagos metropolis.


On what could be the lasting solution to fuel scarcity, he advised the Federal Government to revive the refineries to enable local production.

“The lasting solution is for the refineries to start functioning and we begin local refining,” he said.

Also speaking, the National Operations Controller of IPMAN, Mike Osatuyi, told The PUNCH that the removal of fuel subsidy and deregulation was the key to resolving the fuel scarcity menace.

“The permanent solution is to deregulate and remove subsidies. Allow the market to be a free market, where marketers other than the NNPC will be able to bring in products. Since the government said the subsidy would be removed in June, let’s wait and see, but until then, we have to manage,” he told The PUNCH over the phone.
The Chairman of the Major Oil Marketers Association of Nigeria, Olumide Adeosun, also said the deregulation of the downstream sector would eradicate fuel scarcity.

“
Findings showed that while MOMAN members get fuel directly from NNPCL at a government-deregulated price of N148/litre, IPMAN members patronise private depots where prices are determined by market indices.

The Executive Secretary for the Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, had told The PUNCH that just like the NNPCL, its members were on a “recover all” regime, adding that its members faced high costs of renting vessels, illegal fees, lack of forex at Central Bank of Nigeria’s official rate among others, as reasons behind increasing prices of products.

The spokesperson for NNPCL, Garba Deen, could not be reached on his official line for his comment on the lingering fuel crises.


NNPC defends subsidy

Meanwhile, the Group Chief Executive Officer of the Nigerian National Petroleum Company, Mele Kyari, on Wednesday said the oil firm was comfortable with the policy of the Federal Government on the subsidy of Premium Motor Spirit, popularly called petrol, despite the trillions of naira being spent subsidising the commodity.

He also announced that Nigeria’s crude oil and condensates production climbed to as high as 1.52 million barrels per day towards the end of December 2022.

Source: https://punchng.com/Fuel-scarcity-bites-harder-marketers-blame-NNPCL

Since February last year, I v not enjoyed good power supply and there's fuel scarcity. These two reasons are enough for me to punish APC with my vote.

What's really the problem?


The FG said that subsidy removal has been done and that the FG is handling the expenses till June..



So why are we experiencing fuel scarcity? And why's state selling at a higher price?

I recently bought fuel of 1,000NGN, @260/litre. After lifting my keg, I nearly cried. It was so small compared with the qty I bought from NNPC at the same 1,000NGN. Seems that is our reality now. May God provide...

APC go hear am for the polls

R

It's also hitting hard in the east, I heard so.

Our politicians and oil business is like ant and sugar. They always go together

Urchins no dey buy fuel at 300 na 100 them dey buy. Wait oh. Can't baba take us back to 2015 . Am asking for a friend

Na wa o , yet some people wan vote for APShit..

Una go get sense by force, urchins.

Thunder fire any idiot planning to vote APC. yesterday I drove from Ikoyi to Ajah in search of fuel but couldnt find. I narrowly escaped my car stopping on the road because of fuel.

Whenn i got home, there was no light I have to start looking for black market which I bought for 800 a litre.

I was so.pissed off rembering some mentally retarded hungry urchins are here supporting a party that threw them into unprecedented hardship and suffering.

Right now in the traffic caused by mobil filling station after crown estate. I have been stuck her for about an Hour .

The number. of votes APC gets in 2023 elections will show the number of.mad people in this country.

On what basis is Tinubu even contesting?

It's 300 per litre in non NNPC stations in Port Harcourt.

It getting harder

otokx:
It's 300 per litre in non NNPC stations in Port Harcourt.

it's Water water every where no drop to drink

"Welcome to the federal republic of DEY PLAY "

I don't get it... if you ask what's the most awkward skill an average Nigeria possess... they will tell you the ability to Endure Suffering...

The Government use style style increase the fuel price and not even one person is doing anything about... no protest, nothing... and you want the government to feel your pain? ...

Do you think it's by magic the western government provide basic amenities? ... is not because they are whites.... they must to do dia job...b ecause 90% of dia citizens will make sure dia gov will have no rest if things are not put in place....

I pray May God bless una

What nonsense scarcity? You wailers should carry your fake news elsewhere, when president Buhari is on seat you remember scarcity.

The Labour unions are all silent while the masses are further impoverished.

otokx:
The Labour unions are all silent while the masses are further impoverished.

who tell you them go campaign with Obi _ditty

Noted.

watchingsoon

SpiderWorks:
the silence of our elected leaders on this issue is more annoying.

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Be strong Nigerians. APC will soon be gone in a few months

Vote Peter George Obi. He's ready to stop this

Hezzyluv:
Let them "kukuma" officially remove the subsidy already maybe this madness go stop.

What did buhari removed in 2015, 2018 and 2020?

I guess chopsidy...