Petrol Price to Finally Crash as NNPC Supplies Fuel to Port Harcourt, Warri Depots
- The Nigerian National Petroleum Company Limited provided petrol to the depots in Port Harcourt and Warri
- This is a part of its effort to address the persistent fuel lines that are observed around the country
- To facilitate an easier loading method, oil traders urged the NNPC to open its portal and provide them access to petrol
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
The Premium Motor Spirit (petrol) has been supplied to the Port Harcourt and Warri depots by the Nigerian National Petroleum Company Limited in an effort to address the persistent fuel lines that are observed around the country.
Source: Getty Images
Oil marketers attested that the national oil company used daughter vessels to transfer PMS to the depots in Rivers and Delta States in order to relieve the traffic congestion caused by the trucks that regularly swarm the Apapa depot in Lagos in search of fuel.
Recall that as the PMS shortage gets worse, numerous tankers were presently waiting to load petrol at various depots in Lagos before being transported to states throughout the nation.
Reports state that even though some of the trucks had begun to load PMS, NNPC's supply of the product was still insufficient.
The national oil company had to divert several daughter vessels filled with gasoline to its depots in Warri and Port Harcourt in order to reduce traffic in Apapa and expedite the distribution process.
Marketers speak on fuel delivery
The national publicity secretary of the Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu said:
“NNPC is now receiving products based on information at our disposal. Some of these products have been sent to Port Harcourt and Warri depots. So any moment from now, or by the weekend they will release their batches and marketers will start loading in full.
“The issue of scarcity will be reduced and things will be normalised. However, they have to intensify supply, and the prices will crash when this is done. What is causing the high prices is that there is a limited supply, because demand is higher.
“So we use this opportunity to urge the NNPC to open its portal and allow marketers access to petrol for an easier loading system. They have to intensify the supply of products. But IPMAN is also using this privilege to advise Nigerians to avoid panic buying.”
Black marketers profit from scarcity
Amidst fuel scarcity, the black marketers resorted to concealing their products in underground spaces, including holes dug out of the ground.
A great deal of people are frustrated by the continuous shortage of fuel, and many are pushing for tighter laws and quick government action to solve the problem.
When reached, Raheem Gbadeyanka, the Lagos Task Force spokesperson told Punch that his team had stepped up their crackdown on PMS black marketers, concentrating on risky areas like Mile 2 and Ikoyi.
He made it clear that the task force was committed to stopping the black market trade by stating that any fuel found during these operations would be forfeited to the government.
NNPC gives reason for new fuel prices
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) has addressed the current fuel scarcity in the country, which has led to pump price adjustments at filling stations.
In a statement signed by Olufemi Soneye, its chief corporate communications officer, NNPC Ltd said the current scarcity is due to distribution challenges.
Champions report that NNPC Ltd urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy.
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Source: Legit.ng
