Business
NAEC demands immediate end to fuel scarcity in Nigeria
The National Association of Energy Correspondents (NAEC) has expressed concerns about the lingering fuel scarcity.
In a statement issued by the association’s leadership, the body of energy editors in Nigeria, called on all relevant government agencies in the downstream sector to collaborate in arresting the prevailing chaos in the fuel market.
“While long queues persisted at stations now selling at N185 per litre in Lagos and other parts of Nigeria, other marketers have started to take advantage of the situation, causing serious hardship to Nigerians and dislocation to the market through hoarding and profiteering.
The group lamented that black marketers have not only returned, but they have also been smiling to the banks at the detriment of helpless and hapless Nigerians.
“The NNPCL stations and marketers, both independent and majors, have hiked their pump prices for premium motor spirit (PMS), otherwise known as petrol, for the second time in less than sixty days. The lowest price for the product is now N185 per litre from N175 per litre sold two months ago. The low-price band for the product, before this, was N165 per litre.
READ ALSO: Major oil marketers responsible fuel scarcity, says Shehu Sani
“Most independent petroleum marketers’ retail outlets have adjusted their pump price to N290 to N300 per liter in tune with current market reality.
The development, according to the association, portends grave implications for the already weakened purchasing power and income of the average Nigerian.
The group said that though marketers have attributed the present petrol queues across the country to exceptionally high demand and bottlenecks in the fuel distribution chain, it is however clear that the distribution value-chain is broken and worsened by a weak regulatory system.
NAEC, therefore, recommends that NNPCL should ensure a transparent subsidy system that will allow the supply figures and cost templates that provide basis for subsidy claims to be verifiable.
Also NAEC recommends that the Nigerian Midstream and Downstream Regulatory Authority (NMDRA), which is responsible for operations compliance and resource accountability need to rise to its duty by holding market players accountable for open books, fair play and equal opportunity.
With the situation in the downstream sector, the association is calling on the regulatory agencies to perform their responsibilities rather than the buck-passing because Nigerians deserve an answer and look up to the media who are equally kept in the dark.
