Fuel Scarcity: NNPCL Embarks on Massive Importation, To Circulate on Monday
The Nigerian National Petroleum Company Limited has embarked on massive imports of Premium Motor Spirit, popularly called petrol to address the emergence of long queues at filling stations in parts of the country. (FocalPoint Reports)
Recall that oil marketers on Thursday, blamed the emergence of the Petrol queues on the low supply of PMS by its sole importer NNPCL. It was reported that pump prices may be reduced in filling stations operated by independent marketers this week, following the development.
It was gathered that the recent hike in petrol prices at retail outlets operated by independent marketers was due to the short supply of the commodity.
However, operators in the downstream oil sector confirmed on Saturday night that several cargoes imported by NNPCL had arrived in Nigeria as some of them were currently discharging at the ports.
“Once the products start hitting filling stations, fuel price will reduce, because the recent high cost was due to supply drop,” the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, disclosed.
Currently, petrol is mostly sold at between N580 and N613/liter at filling stations operated by NNPCL. Most other marketers dispense the commodity at higher rates, with some selling PMS for as high as N670/liter.
"The most important thing now is that cargoes carrying PMS ordered by NNPCL have arrived, some of them have berthed and they are discharging. So the partial scarcity we are experiencing now will be gone,” Ukadike said.
He noted that the inflow of foreign exchange during the Yuletide would not necessarily impact petrol prices, rather the increased imports by NNPCL should warrant a price reduction.
On whether marketers had started receiving the products, Ukadike replied, “By Monday we will start receiving from Port Harcourt and Warri, based on my last discussion with the NNPC management.”
Another major marketer also confirmed the position of IPMAN, as he stated that “when you wet the market with products, there’ll be no room for profiteering.”
Earlier, the Chief Corporate Communications Officer, of NNPCL, Olufemi Soneye, stated that the position of oil marketers as regards the re-emergence of fuel queues was not true, as he insisted that the oil firm had enough products.
