NNPC Slashes Prices for Oil Marketers to Reduce Scarcity

The Nigerian National Petroleum Company Limited (NNPCL), recently announced new steps aimed at ensuring an adequate fuel supply throughout the nation by setting the price for lifting gasoline at depots at N148 per litre.

To solve the product scarcity, it also agreed to provide independent oil marketers access to its unsold inventory.

In response, the independent marketers claimed they had been obtaining the product at the cost of roughly N200 per litre from private depots, making it impossible for them to comply with the Department of State Services (DSS) 48-hour instruction the previous week.

They said that as a result of the circumstance, they were unable to sell gasoline at the same price of N170 per litre as their biggest competitor marketers and NNPCL.

The difficulties were handled at a meeting between NNPCL, marketers, and all the stakeholders, according to information obtained by newsmen yesterday.

Mr Mike Osatuyi, the operations controller for IPMAN, the Independent Petroleum Marketers Association of Nigeria, confirmed the incident, “Our members have now been allowed to lift petrol at N148 per litre, meaning that we can now reduce our pump prices. We are committed to working with other parties to tackle the shortage across the country as quickly as possible.”

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Calling for an end to fuel scarcity 

To alleviate the pain of Nigerians, the House of Representatives yesterday urged NNPCL to put an end to the ongoing petroleum product shortage in the next week.

The Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), was also urged by the House to enlist the assistance of the DSS and Nigerian Police Force to guarantee that petrol was sold at the set price and in all retail outlets.

The resolutions followed a motion entitled: “Urgent Need for the Government to End the Current Fuel Scarcity,” moved by Saidu Abdullahi (Niger State) under matters of urgent public importance at plenary.”

When introducing the motion, Abdullahi highlighted that the recent petrol shortage has caused unimaginable sufferings for Nigerians, impeding economic activity and making the already challenging circumstances in the nation even more challenging.

He said: “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 currently selling fuel at 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 and this has the potency to provoke innocent Nigerians against the government.” 

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