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

The Nigerian National Petroleum Company Limited, NNPCL has moved to check the recurring fuel scarcity in the country by releasing about 13 million litres of Premium Motor Spirit, PMS to petroleum marketers across the country.

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.

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.