Fuel Scarcity: IPMAN Blame Depot Operators, Warns Against Panic Buying

Following emergence of queues at petrol stations in parts of Lagos, petroleum marketers have attributed the increase in the pump price of Premium Motor Spirit(PMS) to the hike in private depot prices, even as Independent Petroleum Marketers Association of Nigeria(IPMAN), advised motorists to desist from panic buying.

The national president of the Independent Petroleum Marketers Association of Nigeria(IPMAN), Elder Chinedu Okoronkwo, whike speaking to NATIONAL ECONOMY in a telephone interview, noted that, petrol is available and his members are loading at different depots across the country.

Okoronkwo attributed the situation in Lagos to surge in demand in other parts of the country after flood blocked access road leading to key cities in the north.

“You can say that so many routes have been opened leading to massive haulage of petroleum products in other parts of the country. During the scarcity in Abuja and other parts of the North many motorists dropped their vehicles but now more vehicles are on the road and priority is given to other parts that were dry when torrential rain fall caused blockage of key artery to deliver petroleum products.

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“The Nigerian National Petroleum Company, Limited(NNPCL) has confirmed to us that there is availability and we believe them because loading is ongoing but like I said there is upsurge in demand in other parts of the country,” he said.

Similarly, the chairman, IPMAN, Alhaji Dele Tajudeen, while reacting on the ongoing fuel scarcity on Tuesday in Lagos, said, there had been increase in depot price of fuel from N148.17 per litre to N178 per litre since last week.

According to him, none of the Nigerian National Petroleum Company Ltd. (NNPC) depots has product and the private depots took advantage of the situation to hike the price.

“The only option for our members is to opted 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 product, deliberately, refused to sell for reasons best known them,” he said.

The IPMAN chairman said that the marketers should not be blamed for the increase in pump price, adding that “selling at N170 per litre is not realistic,” he pointed out.

Tajudeen said, “Therefore, our members have no other option than to sell between N195 and N200 per litre within Lagos, Ogun and Oyo states, 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 is 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.