"NNPC Depots Are Dry": Marketers Speak on Slight Increase in Petrol Price Adjustments
- Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members have been unable to load petrol
- IPMAN's spokesperson, Chinedu Ukadike, said marketers now wait for days to load petrol at depots
- He stated that the slight increase in petrol prices is due to product scarcity at NNPC depots
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The Independent Petroleum Marketers Association of Nigeria (IPMAN) revealed on Wednesday that oil marketers cannot lift products from the Nigerian National Petroleum Limited (NNPC), leading to scarcity in parts of the country.
The association said that despite NNPC not increasing its prices, marketers no longer have access to the oil company’s portal as it has stopped letting them load via the portal.
Source: Getty Images
NPPC shuts portal against marketers
Speaking in Abuja, IPMAN's national spokesperson, Chinedu Ukadike, said private depots with products are already exploiting the situation and increasing their prices due to their inability to get products.
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Ukadike said the NNPC is no longer granting approvals to lift products via their portal as it is now the sole importer of the product in Nigeria.
He said marketers wait four to five days for NNPC to supply products for markers to load at a private depot in Port Harcourt, Rivers State.
The IPMAN national PRO said private depot and tank farm owners exploit the situation to create scarcity.
Marketers wait for days to load petrol
He said the situation has led to marketers increasing petrol prices and selling above the regulated price.
The IPMAN PRO said marketers have no option but to add a slight cost to their prices.
The Tribune reports that the IPMAN spokesman blamed the high cost of diesel for the situation.
He said whenever there is an increase in the price of petrol, it affects petrol prices as marketers truck their products with diesel vehicles.
NNPC denies the return of petrol subsidy
NNPC recently revealed that it is now the sole importer of petrol in Nigeria as marketers need help accessing Forex to bring the product to Nigeria.
The development follows the denial of the Nigerian government that it has reinstated subsidies on petrol.
The Petroleum and Gas Senior Staff Association of Nigeria (PENGASAN) refuted NNPC’s claims on the return of subsidy.
"N720/Litre": NNPC speaks on reported petrol price increases as landing costs rise
Legit.ng earlier reported that the NNPC debunked the report of an impending petrol price increase in Nigeria.
In a post via its X page, the company said it does not intend any price increase as widely speculated.
The development also follows an increase in petrol's landing cost, which has risen to about N720 per litre at most depots
Source: Legit.ng
