The sports category has moved to a new website.
ADVERTISEMENT

Oil marketers receive 13 million litres of PMS as NNPCL moves to curb fuel scarcity

Oil marketers receive 13 million litres of PMS as NNPCL moves to curb fuel scarcity (credit: VanguardNGR)

This comes amid threats by the oil marketers under the aegis of the Independent Petroleum Marketers of Nigeria, IPMAN to hike the price of PMS supplied to petrol stations due to scarcity of the product.

The marketers had warned the FG that the scarcity would lead to an increase in the price of PMS since their members paid an extremely high amount to purchase the product which had become quite scarce due to the poor supply by the NNPCL.

The oil marketers confirmed on Friday that the petroleum regulator, NNPCL had made adjustments to their supply schedule and released 13 million litres of PMS. The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu revealed this position.

Ukadike confirmed that the NNPCL’s action by releasing the product was to avert the imminent price hike caused by the scarcity of the product.

ADVERTISEMENT

He said, “The NNPCL supplied 13 million litres and informed us about it. This is to cushion the effect of the poor supply in the affected areas. They also promised that they will ensure that marketers are given products back-to-back.”

The IPMAN official also assured Nigerians that the supply by the NNPCL would checkmate any plans of price increment as all marketers are bound to abide by the government-approved price across all stations in the country.

NNPCL’s position as the sole importer of PMS into Nigeria has created more crises in the marketing of petroleum products as the regulator’s inability to make the product available automatically creates a scarcity loophole and room for a price hike by marketers.

Some significant marketers who have expressed interest to become PMS importers have, however, been greatly discouraged by FX scarcity.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Naira extends stability at investors, exporters window

Naira extends stability at investors, exporters window

Polaris Bank, union meeting on sack of workers ends in deadlock

Polaris Bank, union meeting on sack of workers ends in deadlock

Calabar Bolt drivers threaten 3-day service withdrawal over Subsidy removal

Calabar Bolt drivers threaten 3-day service withdrawal over Subsidy removal

Weapons acquisition amongst other spending has seen Egypt's debt soar uncontrollably

Weapons acquisition amongst other spending has seen Egypt's debt soar uncontrollably

Active subscriptions for mobile services in Nigeria drop to 223.3 million

Active subscriptions for mobile services in Nigeria drop to 223.3 million

Overcoming the effects of the Covid-19 pandemic the Eastern Regional Trade Fair resumes in Uganda

Overcoming the effects of the Covid-19 pandemic the Eastern Regional Trade Fair resumes in Uganda

Top 10 highest-earning Nigerian banks by electronic transactions

Top 10 highest-earning Nigerian banks by electronic transactions

See the record-breaking amount Tanzania made in its coffee export since its independence

See the record-breaking amount Tanzania made in its coffee export since its independence

Naira remains constant, exchanges ₦464 to dollar

Naira remains constant, exchanges ₦464 to dollar

ADVERTISEMENT
ADVERTISEMENT