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NNPC slashes ex-depot price of fuel to N148/liter in a bid to boost supply

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The Nigerian National Petroleum Company Limited (NNPC) has implemented new measures to ensure adequate fuel supply across the country, including fixing the price of lifting petrol at depots at N148 per litre.

It also agreed to supply outstanding stock to independent oil marketers in order to end product shortages.

The independent marketers claimed they had been lifting the product from private depots at around N200 per litre, making it impossible for them to meet the Department of State Services (DSS) 48-hour directive last week.

They claimed that the situation also prevented them from selling petrol at N170 per litre like their major marketers’ counterparts and NNPCL.

The issues were resolved during a meeting between NNPC, marketers, and all stakeholders.

Mike Osatuyi, Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development, saying: “Our members are now permitted to lift petrol at N148 per litre, allowing us to lower our pump prices.

We are committed to collaborating with other parties to address the shortage as soon as possible across the country.”

Meanwhile, the House of Representatives yesterday urged NNPCL to end the lingering scarcity of petroleum products within the next week in order to alleviate Nigerians’ suffering.

The House also urged the Nigerian Midstream Downstream Petroleum Regulatory Authority, NMDPRA, to seek the collaboration of the Nigerian Police Force and the Department of State Services (DSS) to ensure that fuel was sold at the regulated price and in all retail outlets.

The resolutions came after a motion in plenary titled “Urgent Need for the Government to End Current Fuel Scarcity,” moved by Saidu Abdullahi (Niger State) under matters of urgent public importance.

In introducing the motion, Abdullahi stated that in recent months, Nigerians have faced untold hardships as a result of petrol scarcity, which has hampered economic activity and exacerbated the country’s already difficult situation.

READ ALSO: President Buhari at US-Africa leaders summit, seeks American financial, technical assistance

“Intelligence reports on current fuel scarcity gathered by our securities agencies indicated that there is a deliberate plan by some oil marketers to derail the effort of the government in the distribution of fuel in the country by hoarding the petroleum products and thereby, creating artificial scarcity all over the country.

“While the fuel scarcity is hurting, some major marketers are currently selling fuel at government regulated price, but some independent marketers, who operate in the market have enough petroleum products and are selling at unregulated prices.

“Most of those fuel stations have resulted in selling fuel at over N300 per litre. It is observed with dismay that those who are gaining from this artificial fuel scarcity appear to be smiling home as a result of this ugly development and this has the potency to provoke innocent Nigerians against the government.”

The IPMAN Public Relations Officer, Chinedu Ukadika said that the vast networks of independent marketers make them ideal outlets for ensuring the continued distribution of petroleum products across the country.

He urged the NNPCL to allocate 60 percent of petrol imported into the country to independent marketers at the official rate in order to end the country’s perennial scarcity.

While praising NNPC management for ensuring that independent marketers had access to the product in recent days, he stated that in order for supply to normalize, independent stations must be prioritized.

According to him, independent marketers in the Port Harcourt zone have been allocated 35 trucks in the last few days at the official pump price of N145.60, which has resulted in the disappearance of queues at filling stations.

“Here in Port Harcourt, there is no problem for independent marketers for now. We have received 35 trucks so far and we are still expecting vessels for independent marketers.

“Even though the Port Harcourt Refinery depot has been shut down, we are getting from the private depots that NNPCL is using to distribute the product. The private depots are owned by DAPMAN members. At times there are challenges because the depot owners want to load the major marketers first,” he stated.

Ukadike explained that while supply has improved it was still not enough to sustain free supply “because the independents still rely on buying from DAPMAN members at N207/210 per litre to sell at their stations.

“I still canvass that because we have the facilities, because we have the population because we are located in the nooks and crannies of the nation, independent marketers should be given at least 60 percent of the daily allocations from the PPMC”.

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