“No Price Hikes”: NNPC Directs Marketers Where to Load Petrol Assures Nigerians of Adequate Supply
- Petrol queues have continued at some filling stations in Lagos and Ogun states
- The situation is said to be due to the vandalism of pipelines servicing the neighbouring states
- Petrol marketers reveal that the Nigerian National Petroleum Company Limited has assured them of adequate stock
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Residents of Lagos and Ogun states continue to face difficulty in buying petrol as queues persist from Wednesday, August 30 to Thursday, August 31.
According to reporting by Punch, many motorists queued at different petrol stations across the state as oil marketers predicted more challenging days.
Source: Getty Images
Confusion trails petrol supplies in Lagos and Ogun
The report quoted Akin Akirinade, the Chairman of Independent Petroleum Marketers of Nigeria (IPMAN), the Satellite Depot, saying that the situation was worsening.
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Akinrinade reportedly said nobody is saying anything to the marketers about the vandalised pipelines and when normalcy would return.
He added that the marketers are yet to begin product loading, even NNPC retail stations, and the problem may be connected to the unavailability of stock at the depots.
He said that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has kept mum over the issue.
IPMAN assures of adequate supply
Mike Osatuyi, IPMAN’s National Controller of Operations, said there is no reason to panic.
He said the Nigerian National Petroleum Company Limited (NNPC) has assured them there is no cause for alarm.
In a telephone interview, the President of IPMAN, Chinedu Okoronkwo, told Legit.ng that NNPC has assured the marketers that it has enough supplies.
He said the company is addressing the issue of pipeline vandalism.
“They are doing something about the pipeline vandalism and have assured that normalcy will return soon.”
Speaking further, Okoronkwo said the issue of pipeline leaks would be addressed soon and that NNPC has now directed marketers to begin loading at Pinnacle Depot in Ibeju Lekki in Lagos.
"NNPC says there is enough supplies and there is no need to panic. It has also directed marketers to begin loading at Pinnacle Depot in Lagos," Okoronkwo told Legit.ng.
Some petrol stations hike prices
Investigations reveal that some petrol stations in Lagos and Ogun slightly adjusted their pump prices, with some selling the product between N570 per litre and N580 per litre.
The development comes as IPMAN said some of its members have yet to begin petrol imports due to exchange rate volatility.
Okoronkwo told Legit.ng that its members are currently relying on NNPC for petrol but would soon begin importation.
Despite some marketers importing the product, NNPC remains the largest importer in Nigeria.
Fuel scarcity looms as marketers stall importation over Forex shortage
Legit.ng reported that Some oil marketers in Nigeria lament that the inability to access foreign exchange may affect their scheduled importation of petrol. The interruption in the planned schedule, they say, may affect the delivery of the product to Nigerians.
This was disclosed to Legit.ng by a source within the Independent Petroleum Marketers Association of Nigeria (IPMAN), who spoke anonymously.
It would be recalled that a week ago, Legit.ng reported that the petrol price might shoot up to around N720/litre due to the increase in global crude oil prices and naira depreciation.
Source: Legit.ng
