Petrol scarcity may persist till June as ex-depot price hits N240/litre 

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the current petrol scarcity may continue until subsidy is removed.

Mike Osatuyi, national operations controller, IPMAN, who disclosed this on Thursday, said oil marketers failed to get their products at government-approved prices, which automatically pushed prices up at various pumps.

He said independent marketers were getting petrol from depots at N240 per liter, excluding transportation.

“We are getting the product between N230 per litre and N240 per litre, without transportation. If I get the product at N260 per litre, how much should I sell?” he said.

READ ALSO: Why fuel scarcity persists – IPMAN

“It is a terrible situation and that is where we are. This is the status update from yesterday night. There is rent and arbitrage and they are not giving us the product at the official price even though they (government) promised to do so.”

Osatuyi added that “it is until the federal government removes subsidies on petrol that all these (petrol scarcity) will be over”.

However, he said there is hope that normalcy may return to the fuel situation in a few days’ time.

“There is hope in sight by the middle of the month but not immediately,” Osatuyi said.

He said the solution to the lingering situation was to deregulate the downstream sector in June, as promised by the government.

“The solution is to deregulate and all the contestants of the presidency have said they will deregulate and Buhari said they will deregulate by June too,” he said.

Speaking on Wednesday, Mele Kyari, group chief executive officer (GCEO), Nigerian National Petroleum Company (NNPC) Limited, said the country currently has no problems importing petroleum products.

Advertisement