FG Gives Fresh Update On Lingering Fuel Scarcity Crisis In Nigeria

FG has given a fresh update on the lingering fuel scarcity crisis in Nigeria.

 

NewsOnline reports that the Federal government has assured that the fuel crisis currently experienced across the country will end in a few days, saying that about 1.3 billion litres of petrol have been imported into the country.

 

According to Punch, this was revealed by the General Coordinator, South-West, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ayo Kadoso, on the sideline of a visit by the Federal Government’s task force team on petrol price compliance to Ijegun tank farms in Lagos.

 

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Kadoso said the 1.3 billion litres of petrol currently in the country consist of 580 million litres in the inland depots, and 690 million litres in the marine/offshore depots.

 

There is sufficient fuel in the country

• He said, “We have sufficient fuel in the country. I can assure you that everything will be fine in a few days because we will monitor distribution back-to-back and ramp up enforcement.
• “As of today, the inland depots have 580 million litres, and the marine or offshore have 690 million litres as well. In total, that translates to 1.3 billion litres, which is about 32 days sufficiency.”

Kadoso assured the public that the Federal Government was serious about keeping the country wet by selling products to consumers at a regulated price of N172 per litre.

• He said, “We have always monitored the system from all the value chain right from the vessel coming in and right down to the retail pump. Now, we are seeing light at the end of the tunnel that things are getting better, and the federal government will ensure that there’s compliance to the regulated price.’’

IPMAN to comply with new pricing policy

The National Controller Operations, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mike Osatuyi, assured motorists that IPMAN members were ready to comply with the new pricing policy as long as depot owners and the NNPCL would keep their end of the bargain.

• He said, “All of my members are going to load at N172 per litre. But what worries us is how they can sustain supplies to the depots, and keep prices regulated as promised. But I want to believe that there’s a commitment on the part of the government to keep supplies coming in.’’

Osatuyi also issued stern warnings to all IPMAN members to comply with the new price, as erring members would be sanctioned.

For the record

• In a related development, President Muhammadu Buhari had about 3 weeks ago, approved the constitution of a 14-man steering committee on petroleum products supply and distribution management as part of the moves to find a lasting solution to the disruptions in the supply and distribution of petroleum products.
• There has been a lot of confusion in the downstream sector of the oil industry as fuel scarcity has continued to bit harder in major cities across the state with IPMAN saying that they don’t understand what is really happening.
• IPMAN had earlier said that the volume of products lifted by oil marketers had dropped by 50% with the independent marketers saying that they do not also really understand what is going on.
• MOMAN also attributed the current fuel scarcity and long queues at filling stations being witnessed across the country to the exceptionally high demand for the product and distribution challenges.