Fuel Scarcity: IPMAN Explains Why Fuel Now Sells For N200/Litre, Says NNPC Has No Fuel In Stock

The Independent Petroleum Marketers Association of Nigeria (IPMAN) Western Zone, has come out to explain why there is a hike in the pump price of Premium Motor Spirit popularly known as petrol.

According to the association, the increase in the pump price of fuel was attributed to a hike in private depot prices.

Naija News gathered the IPMAN chairman in the western zone, Alhaji Dele Tajudeen, was reported to have said that the price of fuel at the depot went fuel from N148.17 per litre to N178 per litre last week.

Tajudeen, who bemoaned the increase in the depot price, said none of the Nigerian National Petroleum Company Ltd (NNPC) depots has the product and the private depots took advantage of the situation to hike the price.

He further said that Nigerians should not blame private marketers for the increase in the pump price of fuel, noting that selling at N170 per litre is not realistic.

He stated, “The only option for our members is to opt for private depots to keep our business moving.

“We are totally against the increase because it will affect our profit margins and the masses.

“Some private depots who have the product, deliberately, refused to sell for reasons best known to them.

“Therefore, our members have no other option than to sell between N195 and N200 per litre within Lagos, Ogun and Oyo state, while we will sell between N200 and N210 in Kwara, Ondo, Osun and Ekiti states.

“Most of the tank farm owners have justified this increase because of different charges, among which are vessels charges paid in dollars.

“We are equally calling on the management of the Nigerian National Petroleum Company Ltd. (NNPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to investigate the arbitrary increase in fuel price by the private depot owners.”

In the midst of the scarcity, a top official of the Depot and Petroleum Marketers Association of Nigeria (DAPMAN), who pleaded anonymity, disclosed that the scarcity was a result of the shortfall in product allocation from the NNPC.

The official also alleged that DAPPMA had many performance invoices with the Petroleum Products Marketing Company (PPMC) which were still awaiting cargoes to get supplied.

The source advanced that the Major Oil Marketers Association of Nigeria (MOMAN) had a large portion of product allocation because it is believed that they have a large reach of retail outlets.

The DAPPMA official said, “We have many invoices before NNPC that have not been allocated.

“Ex-depot price has been between N162 and N163 per litre for marketers within Lagos and its environs, while between N164 and 165 for marketers outside Lagos like Calabar, Port Harcourt, Owerri and so on.

“Some foreign vessels that came into the country refused to discharge, due to financial challenges.

“The shortfall in the product can best be explained by NNPC and its agencies.”